Fountain Hills real estate is in demand! Reduced home inventory has resulted in higher prices throughout the Phoenix-Scottsdale area. Cash buyers and investors remain active in the market, creating competition for home buyers who must rely on a mortgage for their home purchase.
Fortunately, there are ways for first-time buyers and others who rely on a mortgage to complete with cash offers. It all comes down to doing your homework, and presenting a well-structured offer. Here are some tips to help you!
1. Have a mortgage approval letter in hand. An approval letter is provided by the lender after all loan paperwork has been submitted and a mortgage underwriter has given the loan a green light. It shows the home seller that your financing is solid, and all you need is the right house! One caveat: the home must meet the required appraisal value to support the loan.
2. Keep your contingencies brief. You want to protect yourself, but gone are the days when a seller could be pushed backwards. An offer that has too much "red tape" will not get very far.
3. Make your best offer first. In a competitive market, you may not have the opportunity to enter "round two" of negotiations and offer a little more later. This doesn't mean you should over-pay; but it does mean you should be aware of market conditions and base your offer accordingly.
4. Make it easy for the seller to say "yes" to your offer, by making it simple, and by being flexible on certain negotiable points. It's okay to give a little! Don't sweat the small stuff.
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