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It’s a seller’s market, but that doesn’t mean you must drain your bank account to buy your dream home. Here in Maine, bidding wars can be a common occurrence. We have compiled expert guidance to help you put the odds in your favor. Read on for great tips on making that sought-after dream home yours.
First, you should get pre-approved for a mortgage loan. Most real estate agents strongly recommend that you get pre-approved before you make an offer on a home. It gives you greater negotiating power with sellers.
Second, the right real estate agent is every buyer’s secret weapon. Agents have a solid understanding of the neighborhood you’re interested in and have terrific connections that will benefit you. Once you make an offer, your agent can help you negotiate the best possible terms on your home.
Third, pay a larger down payment. No matter what loan you choose, offering to pay more down is another sign of good faith to your seller. By providing a larger down payment than you have to, you send the message that you’re serious about the purchase and capable of meeting all financial obligations.
Fourth, appeal to the seller with an emotional letter. This strategy has proven effective, increasing your odds in some markets. Your letter puts a live person and a serious buyer behind the transaction. Tell the seller who you are, explain your motivation, and compliment the things you love about the home.
Now that you know how to make the best purchase offer, you may have some additional pre-approval or mortgage loan questions. Call the mortgage loan experts at KFS Mortgage Co. at 207-873-5153 or visit www.kfshomeloan.com. KFS Mortgage Company, NMLS 2097505, is an Equal Housing Lender.
