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  • Writer's pictureKira Witherwax

Do you feel lucky?

Updated: Nov 22, 2022



Many buyers are facing a challenging market right now. They are understandably frustrated that they don’t even get a chance to see a house before someone else has swooped it up. Or they make an offer, but they are “always in competition” and “always lose”.


There is no crystal ball or guaranteed way of getting your offer accepted. But you don’t have to leave it to luck either. The first step is being prepared. No one likes to talk about their finances. Ok that’s not completely true, but it does seem that way by the reactions we get when asking buyers if they are pre-qualified. In this market especially, it is vital to know exactly where you stand with financing before you fall in love with a house. Being prepared means knowing how much you can afford, what mortgage payment you’re comfortable with, what type of financing you qualify for and how much cash you’ll need to bring to closing.


Not all houses qualify for all types of financing and all mortgage types are not equal in the eyes of a seller trying to decide if they should choose your offer or the next guys.


When it comes to competing offers, there are many factors other than price. The highest offer is not always the winner. Smart sellers will be looking at price, timeline to close, type of loan, deposit amount, other contingencies such as home inspection and even personal property. And every seller has a different set of wants and needs. Some sellers want to close as soon as possible. Someone else may be more concerned with making sure they can stay in the house until their next home is ready. Some may not care how long it takes or how many hoops there are to jump through; if they get an extra $5,000 that’s the offer they’ll take! Some may love the idea of a buyer willing to take the house with its existing contents so that they don’t have to move it. And the list goes on…


Are you overwhelmed yet? The good news is, you are not alone. Or at least you don’t have to be. Find a trusted advisor that’s been through hundreds of home purchases to guide you along the way. Interview a few Realtors® and find someone that you like and trust. A real estate professional in NYS, that is representing you as a buyer, owes you confidentiality for life. If you don’t feel comfortable sharing your personal info with that person, find someone else. If you are serious about buying a home, you’ll be besties for a bit and you want to be able to trust him/her. The other side to that coin is if we don’t know your whole situation; how can we truly know what is in your best interest?


“Winning” in this market is challenging, but you can increase your odds by being prepared and using the resources available to you.


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