By Mia Capella
Feb 10, 2013
Q: How can a first-time home buyer compete in a multiple-offer environment?
A: First-time home buyers need to be prepared in many ways. My first tip is that they need to work with an experienced Realtor whom they trust and who can walk them through the home buying process. A first-time home buyer also needs a trusted mortgage broker as sellers need to feel secure about the buyer’s financing. Work with your broker to get pre-approved. This will help you understand how much you can spend on a new home.
When you find a home you love, have your agent write an offer immediately and make it your highest and best with very few contingencies. Be sure to include your pre-approval letter and put as much earnest money down as you can. It is important to show the seller you are prepared and ready to move forward. Money talks and sellers listen.
Showing flexibility, such as with a move-in date, can also affect the seller’s decision. If all else fails, you can always write a letter to the seller and try to make a personal connection. You can tell them how you feel about their home and how you will love and take care of it as they have done.
Above all, be nice!
The bottom line is that you will most likely find a home you love without having to compete with other offers. However, multiple offers do become more common as sellers price their homes aggressively and housing inventory gets low.
— Mia Capella, William Raveis Real Estate, Shelton, 203-647-0542 or firstname.lastname@example.org