Tips for Home Buyers in a Highly Competitive Sellers Market

Hey guys, this is Jeremey Ashman with Ashman Realty Group. Today, we're going to be talking about some key mistakes you don't want to make when you're in this highly competitive seller's market.

Tips for Buying a Home in a Highly Competitive Sellers Market

1. Act quickly. As soon as that house hits the market, go and take a look at it. Don't wait. Don't delay. You want to be the one of the first ones to act and reach out to that agent so that agent knows, hey, these people are serious.
2. Get your financing and underwriting out of the way. A pre approval letter is worthless. You need to get all the way through your financing, get all the way not only pre approved, but through underwriting so you're ready to close that way. When you put an offer in on a home, that lender can reach out to that agent and say, "Hey, we're ready to close on this house."
3. Communicating with the other agent. Don't miss this step. I see it all the time. Make sure your agent is reaching out to that other agent and saying, "Hey, we just saw that we're going to be preparing an offer and getting it sent over to you. Just wanted you to know be on the lookout. We're going to be sending an offer and I'll follow up with you." Communication with the other agent is key because you're going to be working hand in hand with this other agent in order to get through the transaction into closing. It's important for that other agent to understand that you're here to work with them and that you have a serious interest in working together and you're compatible. And then the other thing, make sure that your lender is reaching out to that agent too, to convey to them that, "Hey, we're ready to go. We're clear to close." So communicating with that other agent is key.
4. Don't waive your right to inspect the property. One way you can put this in your offer is we are buying this house as is with the right to inspect. So what you're indicating to that other agent is, "Hey, we're not here to nickel and dime. We're serious about buying this house. We just want to inspect the property to make sure there's no major, major issues that maybe we or you aren't aware of." You can get into a huge mess down the road. If you end up buying something or you lose your earnest money, because you find something out about the home and you need to back out of the contract.
5. Short due diligence period. If your due diligence period is 10 days or more, are you really serious about buying the home? Are you really serious about buying a home at all? It doesn't give the impression to the seller that you're really serious about being ready to go. So I would suggest three to seven days. You need to have that inspector ready to go as soon as your offer is accepted, and you should be able to get back to the seller within a few days to indicate, "Hey, we're ready to go on this house."

All right guys, just a real quick recap. Number one, act quickly. Number two, get your financing completely out of the way. Number three, have effective communication with the other agent. Number four, don't waive your right to inspect and number five, have a quick due diligence period.

That's it for today guys. There's plenty of tips and tricks. These are just a few that we're seeing people miss on a regular basis. I don't understand it. Make sure your agent is doing this for you. If you're thinking about buying or selling a home, we'd love to help. We'd be honored to help you. We're always here to answer any questions you have about the market, what's happening in the market or just how we can help you in general. So anyway, take care. Hope to see you soon.