Is this a good time to buy real estate? YES if it’s the right time for you!! All opinions expressed are my own, not of Windermere Real Estate.
Sellers do not like offers with Inspection Contingencies in a strong Sellers’ Market! All opinions expressed are my own, not of Windermere Real Estate.
Buyers tips! See the homes right after they come on the market and if the seller has not provided an inspection, then have either a walk through inspection or a full inspection. All opinions expressed are my own, not of Windermere Real Estate.
I encourage my buyers to look at homes that have been on the market for more than 10 days, so their odds increase that the seller may offer some concessions, like paying for a 2/1 buydown toward their intersst rates for the first 2 years. The lender sets up an account for the funds for the 2/1 buydown. So if you get a 7% interest rate, the first year your payment would be based on 5% with the lender paying the difference with the fund set up for you for the first year. The second year you make your payment based on a 6% interest rate. All opinions expressed are my own, not of Windermere Real Estate.
To help you achieve success when submitting offers on homes where the seller has chosen to set Offer Review Dates, consider implementing the following Strategic Tips:
Obtain a Fully Underwritten Loan Approval: Partner with a lender who offers Fully Underwritten Loan Approvals (it’s the next best thing to a Cash Offer). This approval means the underwriter has given complete loan approval pending Address verification, Homeowners Insurance, and clear Title, boosting your credibility as a buyer.
Conduct Your Own Inspection: If the seller has not provided an Inspection Report, consider having your own inspection before submitting an offer. This will allow you to confidently waive the Inspection Contingency if the home is deemed sound, making your offer more competitive.
Review Available Documentation: If possible, review essential documents such as Home Owners Association docs, Form 17 (Sellers’ Disclosure), and Preliminary Title in advance. Familiarizing yourself with these details can enable you to waive those contingencies, strengthening your offer.
Importance of Earnest Money: A substantial EM showcases your commitment and seriousness as a buyer. If you include contingencies in your offer and legally exit the contract, you will get your EM back. In WA State, the Earnest Money goes towards your downpayment and closing costs.
Consider an Escalation Clause: Utilize an Escalation Clause to outbid competing offers effectively. This clause allows you to begin your offer at the asking price and incrementally increase your bid up to the maximum amount you are comfortable paying for the property. This addendum compels the Listing Agent to provide us with a copy of the competing offer that drove your bid over the asking price.
Additional Down Addendum: If financially feasible, consider using an Additional Down Addendum. This addendum enables you to contribute extra downpayment in case of a low appraisal. It provides security to the seller in case the appraisal comes in below the final purchase price.
Cautionary Advice: While exploring strategies for success, it is essential not to waive financing or forgo a home inspection.
Incorporating these strategies into your offer will position you as a strong contender in the King County real estate market. Remember, I am here to guide and support you throughout this exciting journey. Feel free to reach out to me for any questions or assistance; together, we will achieve your real estate goals. All opinions expressed are my own, not of Windermere Real Estate #realestate
Yes! This is a great time to purchase a home if it’s the right time for you! All opinions expressed are my own, not of Windermere Real Estate
New listings coming on the market in King, Snohomish & Pierce Counties are at all time lows (at least from 2006 when the data was tracked by Showing Time). All opinions expressed are my own, not of Windermere Real Estate #realestate
How to WIN when you are competing with other buyers when trying to buy a home! Buyers, get Fully Underwritten with your lender! Super important! All opinions expressed are my own, not of Windermere Real Estate