Helpful Tips From Real Estate Pros: Buying in a Competitive Market

Buying in a competitive market? Missed out on a lot of homes? Here are some tips to help you win your bid for your next home!

In today’s highly competitive market you’ll need one crucial document: A preapproval letter. This is a letter from a lender that says how much of a mortgage you qualify for, and consequently, how much you can offer on a home.

Talk to us about adding an escalation clause to your next offer. Adding an escalation clause will allow you to automatically raise your offer on a home if the seller receives a higher competing offer. In a home bidding war, an escalation clause can help you come out on top!

An appraisal gap clause states how much of an appraisal gap you’re willing to cover. Since there’s no guarantee an appraisal will match the agreed-upon sales price, it’s often something sellers look for to know the offer will still stand even if the appraisal comes in a little low.

Offers that waive a home inspection contingency can be more attractive to home sellers since there’s less likelihood that the buyers will find some expensive problem that they’ll demand is fixed before they move forward.

As a buyer, you can include a clause in the contract that says the earnest money deposit is non-refundable. This clause can give you a competitive edge, but should the deal not work out, you will lose your deposit.

If you would like to learn more, do not hesitate to contact us. We're here to answer any questions you may have.