Our housing inventory is low and you could face competition if you are looking to buy. How can you make your offer stand out? Here are a few ways.
We are living in a pandemic and sellers want to know that you can close the deal. If you are a buyer, it is important you get preapproved by a mortgage lender before you start shopping. When you submit your offer, you could include a preapproval and verification cash fund letter to show you are already qualified for the purchase. This will give the seller peace of mind. Another strategy is your mortgage lender can call the listing agent to further verify your preapproval.
Your offering price is important. There could be deals, but it appears Oahu's housing prices have remained steady the past few months. There are times when lowballing could work, but my transactions I have been near, at, or above list price. If you offer too low, the seller might be discouraged from countering. Every situation is unique so it's important to know what offering strategy is most effective.
The third way to make your offer standout is how the contract is written. The purchase contract is filled with different contingencies. If you are in a multiple offer situation, one strategy is reducing your due diligence. Rather than asking for 12-14 days for your home inspection, you could request 10 days. The same would apply for reviewing the condo documents and disclosure statement.
Are you ready to start your home search? Give me a call and let's talk.
Stay safe and healthy.