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5 Tips for Successful Springtime Home Bidding
Birds are chirping and blossoms are beginning to emerge. Just as Mother Nature awakens from her long winter snooze, home buyers around Augusta, Maine are emerging from their homes to take a peek at the beautiful Augusta homes for sale this season. This can create competition for property and buying the home of your dreams requires strategic planning on your part. If you want to submit the right bid at the right time, the following are five tips for successful springtime home bidding we recommend.
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Secure Pre-approval Locally
Securing pre-approval shows the seller that you have the ability to purchase the home. This puts them at ease and gives you a little leverage to negotiate. When you secure the pre-approval from a local lender, you're likely to receive preference over competitors who have pre-approvals from online or out-of-area lenders.
Don't forget to polish your credit before you go in to secure a mortgage preapproval. Make sure that the information is accurate and that any discrepancies are addressed. It's also advisable to pay as much of your debt down and take steps to improve your debt-to-income ratio. -
Be Ready to Negotiate
Be flexible and be prepared to negotiate the purchase offer. Giving up some ground on contingencies, such as move-in dates, inspections, etc., can move the needle in your favor. However, you should work closely with your real estate agent when negotiating these points so that you don't waive your legal rights. When it comes to price, be ready to pay the listing price as buyers are usually less eager to negotiate below this point during the spring. -
Escalate...to a Point
Including an escalation clause shows the buyer that you are committed to buying their home. An escalation clause gives you the ability to increase your bid by a set amount and up to a set limit whenever another buyer submits a bid that matches your offer. -
Have Your Inspector Ready to Go
Never buy a home without an inspection. One way to get an edge on the competition is to have your inspector ready to go. This takes one more thing off the seller's plate and makes it possible for you to complete the inspection faster than your competitors. -
Prioritize Your Dreams and Your Needs
Prioritizing your dreams and needs helps keep you within your budget when the bidding begins. Creating a list that identifies these makes it possible to determine the things you want and the things you can't live without. Our real estate agents can help you determine which homes to bid on and the price that is right for your budget and desired lifestyle.
Finally...One bonus tip that's often overlooked
Remember that sellers have more than just money invested in their home. They have years of memories and experiences they're leaving behind. While money matters to a point, making a personal connection is equally important. It never hurts to write a letter and let the sellers know more about who you are and the memories you're hoping to make in their old home.
We invite you to contact us as the spring weather warms up and the bidding begins to heat up. It would be our pleasure to help you navigate the process so that you can keep your financial ship on an even keel and on course to the home of your dreams.