Going under contract is a very exciting moment in the home buying process.
CONGRATULATIONS! It means you have found a home you love, have made an offer that the sellers found acceptable and now you can start the remaining process of buying a home. Being under contract does not mean that the home is yours, not yet at least. It means that all of the cogs in the wheel are now turning; your mortgage company finalizing financing, you order and inspection and/or appraisal on the home, or the title company is finalizing the deed etc. It also means that the seller cannot accept any other offers. They can however accept back up offers incase your deal falls apart).
You’re probably wondering how to go under contract on your dream home when inventory is low and most homes have multiple offer situations… Its a great question! Its not always easy, especially in a sellers market. You’ve heard the rumors; it’s a “Seller’s Market.” Well if you are actively searching for a new home, you know that it’s true. The low inventory of homes for sale has made things difficult for buyers. There just aren’t many homes for sale out there and when a nice listing does come to market, it’s met with multiple offers.....often with offer prices over asking.
If you’re a buyer in this market, you might feel overwhelmed but remember that with a solid strategy, you can still find your dream home, even when inventory is low.
So how does one successfully go under contract?
One of the biggest keys is to have a REALTOR® that is experienced in multiple offer situations and that you yourself are prepared to submit a strong offer.
Insider secret* * The highest offer price in the world is worthless if the transaction doesn’t close.
Here are a few tips for buyers looking in a tight market:
• Talk to a lender before you shop so you’re prepared
• Be prepared to pull the trigger
• Write a competitive offer
• Keep contingencies to a minimum
- Write a clean offer; Make it easy for the sellers to just say yes
When inventory is low, it’s understandable to feel like the best homes are already gone, but by working with your agent, you can put yourself in the best position to have your offer accepted.
Email me, I’d love to help you find the home you’ve been looking for!