Buying In Tight a Supply Market by Sandra C Brown, Broker Dream Catcher Realty
July 16, 2018
Buying a Home In a Tight Supply Market By Sandra C Brown, Broker/Owner Dream Catcher Realty Sevierville,TN
Don't let a tight supply of homes keep you out. Follow these steps to secure your new home.
1) Get preapproved.
2) Have the EMD and downpayment ready in the bank.
3) Make a list of nice to have and must have features for your new home.
4) Hire an agent and sign a buyer's agreement. The agent needs to well versed in multiple offers.
5) Have your agent set up a search that reports back daily homes meeting your must have features.
6) Drive by the house and the nieghborhood as soon as it reports. Two days later is one day to late in tight market.
7) If you like the home arrange to view the interior with your realtor immediately.
8) If you liked the interior have your agent do a CMA/BPO that day.
9) Submit a readonable offer based on CMA/BPO.
10) Low offers or low downayment offers or offers with long inspection times may be flat rejected or countered
11) If you are countered view the counter with your realtor and move foward based on bpo/cma value
12) If you are notified of multiple offers be prepared to go over the asking price. Your "highest and best offer" shold be based on cma/bpo values and be very clean and crisp with limited inspection contigency timeframe. Your realtor can help draft your "highest and best offer" In many cases a few thousand dollars is all separates the highest and lowest offers.
13) If you continuely offer below list price in a tigh market you may never end up buying a home
