By Jason Boone
Recent statistics have shown that home prices in the Bend / Redmond Real Estate market have appreciated by close to 20% in the last 12 months and with home price appreciation plus a huge demand for homes in the area most sellers are prepared for multiple offers.
Although the market may be good for sellers, it can be rough for buyers, if they aren’t prepared for the possibility of facing multiple offers.
In today’s post I will break down a simple strategy which any first time home buyer can follow to easily deal with the possibility of multiple offers on a home so they can buy the home they really want.
Step 1 – You Must Be Pre-Approved Instead Of Pre-Qualified
Although the term “pre-qualified” is a big buzz word in the Real Estate world the reality is that there is a BIG difference between pre-qualification and pre-approval for a mortgage.
Pre-qualification means the lender has taken the broad view of your financials, credit history and employment data then said you are pre-qualified for a mortgage.
Pre-approval is different because it requires the lender to do more detailed work including pulling your 3-in-1 credit report, collecting bank statements and paycheck stubs to confirm that you will be able to pay back your mortgage loan.
Step 2 – Drop Some of Your Contingencies
As a first time home buyer you want to buy a home and live the dream of owning Rel Estate right?
You can get closer to accomplishing your goal of home ownership by dropping some of your contingencies like having the home inspected because, if the seller knows you are willing to work with them and want their home in its current state they will be more willing to accept your offer.
Step 3 – Work with the Seller
Let’s say you find a great home which has everything you’re looking for but the seller can’t move out for three months because they haven’t found a home to purchase yet.
To make your offer stand out and show yourself to be someone that the homeowner wants to work with you should be willing to work with the seller including offering them a Rent Back option so they have confidence they will be able to find another home after their current home sells.
Get More First Time Home Buyer Tips
For more first time home buyer tips, or to view homes for sale in Bend contact me, Jason Boone, Principal Broker with Duke Warner Realty | Skjersaa Group by calling me at (541) 383-1426 or by emailing me at Jason@sgbend.com.