What should buyers know in this hot hot market! Stay tuned and I will give you that answer!
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What should buyers know in this hot market? Basically, it boils down to three factors.
1. “Take Action”
2. Having your loan commitment
3. Putting your highest and best offer in!
Let me give you three quick stories to make my point! I heard about this couple who were getting married. They found this home on a Thursday. They contacted their agent and the agent said to wait until Saturday morning. That’s a bad idea in any market. But in a hot one, it can lead to disaster. And that’s what happened. Saturday rolled around and the house was already sold. Lesson. When you see what you want! Go get it!
The next story is from a lender I know. The lender had encouraged them to take the extra time, 30 or 40 minutes, to have a stronger loan commitment letter. They chose not to take that advise and when they found the home of their dreams. Their offer was knocked out because the other buyer had a stronger loan commitment letter. In a hot market. Sellers look at the entire package. And one of them is loan commitment! Take the extra time. It’s well worth it!
The last story actually happened to a couple I was working with. We will call them Frank and Betty. I don’t want to embarrass them. They had taken action. They had their loan commitment. But they decided at the last minute not to put their best offer in. I believe they offered the seller about $ 10,000 less. Not that they didn’t think the house was worth it. Nor because they couldn’t afford it. They wanted to see if the seller would negotiate some. They got their answer. No! The sellers already had two better offers and theirs was shot down in flames! The good news is we found them another dream home and I am happy to say they our loving it!
So, what can you do to avoid these problems? Make sure the agent you hire has experience in working in hot markets. So, you can have the success you deserve!
Who do you know looking to buy in this amazing market? Maybe you? A friend or a family member? Someone at your place of worship? Have them give me a call or text at 618-210-2451 today! So I can coach and guide them to getting their dream home in this hot market were in!