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Get prequalified for a mortgage. You will be able to make a firm commitment to buy and make your offer more desirable to the seller. Stay in close touch with your real estate sales associate to find out first about new listings that come on the market. Be ready to go see a house as soon as it goes on the market. Scout out new listings yourself. Look at Internet sites, newspaper ads, and drive by the neighborhood frequently. Maybe you'll see a brand-new "for sale" sign before anyone else. Be ready to make a decision. Spend lots of time in advance deciding what you must have so you won't be unsure when you have the chance to make an offer. Bid competitively!!! You may not want to start out offering the absolute highest price you can afford, but do not try to go too low to get a deal. In a tight market, YOU WILL LOSE OUT! Keep contingencies to a minimum. Restrictions such as needing to sell your home before you move or wanting to delay the closing until a certain date can make your offer unappealing. In a tight market, you will probably be able to sell your house rapidly. Talk to your lender about getting a bridge loan to cover both mortgages for a short period. Do not get caught in a buying frenzy. Just because there is competition doesn't mean you should just buy anything. Even though you want to make your offer attractive, do not neglect inspections that help ensure that your property is sound. Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS® |
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