When you are ready to purchase a home, it makes sense to negotiate from the strongest position possible

In a strong real estate market, sellers can be more selective in choosing a buyer they negotiate with. In such a hot seller’s market, it’s not uncommon for a home seller to receive multiple offers on their property. With that said, there are certain things you can do to make certain that your offer is the one the Seller will accept.

The vast majority of Purchaser’s today go about the process entirely wrong, putting themselves at an overwhelming disadvantage!

Let’s look at this from the Seller’s perspective for a moment. If you were the Seller and had multiple offers on your property, all things being equal, would you accept the one with a lender Pre-Approval Letter, or the one that was still conditional on Financing? The answer is obvious. Why then, do so many buyers wait to start the financing process until after they have found a home?

What I have found is that those buyers are usually very good, qualified buyers and are not worried about getting pre-approved. Even though they usually are correct and will ultimately be approved, the Seller in most cases has no guarantees.

Lastly, from a cost savings perspective…

As a prospective purchaser, it makes more sense to start the financing early on, so you can get a firm handle on your interest rate and an estimate of closing costs. If you do this before finding a home, you will save time and are less likely to over-pay for the home, unlike a buyer who has found a home, but is acting on assumptions, and may encounter difficulties with financing a new home. Be prepared.

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