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The Home Buying Process

The search for your home can be stressful and feel foreign for many. The home is an amazing investment vehicle but also has many symbolic and emotional attachments to the purchase. Scroll down to review the key steps to make you offer-ready.

 

Financial Readiness


Connect with a lender to understand financial situation and start steps for pre-qualification and pre-approval. Prior to writing an offer, a potential buyer will need to understand their resources and how to maximize for a competitive offer. Even a cash offer will need proof of funds in order to bid on a property.

Analyze Your Needs


Ask yourself key questions to understand your goals. Do you have a specific investment thesis? Do you need additional spaces for short-term or long-term guests? Are there particular areas that you’d like to consider?

Write An Offer


Write an offer based on your needs and with the anticipation of the needs of the Seller in mind. A good negotiation is one that creates value for both parties. This is where a skilled Real Estate Broker is key in representing you in a competitive way.

Escrow and Closing


Once you have an accepted offer, you will work on the final requirements for closing. This includes understanding the legal title report, removing any encumbrances on the property, and obtaining your financing or transferring funds.

Strategies for Winning in a Bidding War

 

Strong Financial Package

A Seller is more likely to choose your offer when it has solid financing. You can pay all cash and waive contingencies, however, if that is not for you then consider other strategies:

  • Get pre-approved for a loan to prove your finances are solid.

  • Work with a local lender or one preferred by the listing agent to gain an advantage.

  • Get full underwriting approval for the extra sign of strength and stability. I also recommend having the lender be part of the offer and having them reach out personally to the listing agent.

  • Opt for conventional financing and increase your earnest money amount, consider releasing earnest money early if this makes sense in your situation.

  • Understand what waiving appraisal means. A low appraisal can be a big risk for a seller when the market is competitive. You may want to consider this situation or offer to borrow less to keep the deal together.

Address Common Goals

Matching what the seller desires in price, terms, and closing timeline will speak loudly when you make an offer. We can help you find out what terms matter including:

  • Offer at list price, or if the list price is low, offer at a price based on comparables.

  • Shorten contingency periods or waive them altogether. This can be done with good diligence before the offer is submitted.

  • Be flexible about the closing date, if it will win you an advantage.

  • During negotiation, think carefully before re-negotiating price or credits- especially if there is a backup offer in place.

The Extra Mile icon

The Extra Mile

Price and terms are one thing, but you may be surprised to learn they don’t always win. Often homeowners and listing agents are swayed and impressed by a personal touch. This is where concierge real estate really shines.

  • Submit in a personal way, delivered in person if possible.

  • Summarize your key offer terms and highlight them for easy readability.

  • Write a cover letter about yourself with photos that speak to what you love about the home and your goals for the property.

  • Include all financial backing and readiness.

  • Conclude with your agents deal history and pattern of collaboration to indicate key success for both parties.

Let’s chat!

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About Dana

I have always cherished a sense of “home,” both as a physical location and part of a greater community, and recognize how important it is that we land in a place where we can thrive. To this end, I endeavor to help others find their home and enrich the community in the process.

Meet Dana

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Let’s find your next home.

I’d love to better understand your goals and learn more about you and your family. Please send me a message and I’ll be in touch.