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Advice to Buyers in the Spring Market
The spring market is here. There are low inventory levels, which means many buyers are competing for the same property. Many properties are getting multiple offers and getting bid up over the list price. In order to compete in this market I have a few suggestions.
- get prequalified with a reputable lender. When you make an offer you will also be submitting a letter that states you are qualified to buy the house. The listing agent is going to call that lender and ask, have you verified funds, employment, has the buyer completed an application for financing. They will also want to know about the lender, can they meet the timelines in the contract? how long has the lender been in business? have they run the loan through underwriting?
- don't have a home sale contingency.
- make your inspection time frames short.
- ask the listing agent if there want a certain settlement company.
It is important to align yourself with a professional to help you buy and sell in this market.
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