How to make your real estate offer stand out in Philadelphia
After visiting the houses for sale during the busy spring buying season, you finally found the perfect townhouse near your favorite Philadelphia. After years of saving and months of searching, you are finally ready to make an offer.
But in today’s seller’s market, making the right offer determines the success or failure of your dream home.To help buyers increase their bids, the team is
Prevu real estate
Sorted out some tips to make your offer stand out from the crowd.
Get pre-approval for a mortgage
Sellers in Philadelphia are overwhelmed by offers when listing their properties. This is especially true for homeowners who own turnkey properties in the most convenient neighborhoods.
The seller wants to close quickly, and the first step to show you the business is to get pre-approval for the mortgage. Philadelphia buyers need to shop around, because some may offer lower mortgage interest rates.
Lenders evaluate assets, income, debt-to-income ratio, existing liabilities, and credit score to determine how much they will lend you. Obtaining pre-approval also shows buyers how much money they need to invest in buying a home.
Find an agent that suits your search
Buying a home in Philadelphia is an exciting time for first-time home buyers, and professional buyer agents can provide important insights when bidding.
Finding dedicated advocates for your search is critical, as they represent your interests in the deal making process. The buyer’s agent can help you identify which emergencies need to be retained or abandoned, and bring super-local knowledge to the table.
Their transaction expertise allows buyers to understand the main points of the negotiation process and helps them manage the details of the transaction.Some brokers even provide new homeowners
At the end of the transaction, provide much-needed funds to help pay for transaction costs or pay for new furniture.
Legal in 40 states including Pennsylvania,
Enable agents to reward buyers with a portion of commissions. E.g,
Prevu real estate
Provide buyers with up to 2% of the purchase price of the house-this is the largest commission rebate in Philadelphia.
If possible, eliminate the unexpected
When quoting Philadelphia properties, buyers need to consider a variety of emergencies.
With due care, the buyer can be exempted from the assessment contingency fee,
Check for unexpected conditions
, And financing emergency. But buyers should be careful! Although eliminating these incidents has brought convenience to sellers, if the lender does not approve the mortgage, buyers may miss structural defects or lose contract deposits.
To help mitigate some of the risks, buyers can obtain full underwriting pre-approval from lenders before making an offer, making it easier for buyers to abandon financing contingency. Similarly, if the seller provides an inspection report from a licensed company, or the buyer plans to completely renovate the property, they can skip the emergency inspection with greater peace of mind.
In addition, buyers who want their bids to stand out from the crowd should avoid bidding on the condition of selling another property and show sellers that they can close quickly.
Provide quotations based on value, not quotations
Some listing agents suggested that sellers sell their Philadelphia houses at a small discount, hoping to trigger a bidding war between buyers. Considering the scarcity of real estate, buyers should not be attracted by the listing price if the house meets their housing needs.
Buyers in Philadelphia can work with their real estate agents to examine historical data and view comparable market analysis to determine the fair value of the property. In this way, buyers can make an educated offer based on value, regardless of whether the offer is higher or lower than the listed price.
Of course, other buyers may flock in and offer higher bids, but this is
Can help buyers. Making an offer with an upgrade clause allows you to automatically make a higher bid at a set amount when the other party makes an offer for a house.
But each buyer has its own limit, and the upgrade clause allows users to set a limit instead of overpaying at will. In this way, if another buyer bids more than your budget, you can prudently exit the transaction process.