| As you already know, the real estate market | | | | more". |
| today is filled with buying opportunities. There is | | | | Offer a bigger down payment and deposit: |
| so much inventory that it is not difficult to find | | | | Again, you have to make it appealing to the seller. |
| properties at good discounts. Banks are basically | | | | Remember, you really want that house and |
| begging consumers to buy their inventory homes. | | | | offering a bigger down payment will be less risky |
| They don't want to have those properties in their | | | | for the lender (seller). Many times banks would |
| inventory because it costs money to maintain | | | | finance the properties they are selling. They look |
| those properties. This is basically less money for | | | | at down payments as the money they have if |
| them to lend, so it is not in their best interest to | | | | something goes wrong with the borrower. |
| do that. This situation makes it very favorable to | | | | Additionally, a larger deposit will demonstrate that |
| people who need to buy. However, it can be | | | | you are serious about buying. Normally, deposits |
| challenging because there are a lot of buyers out | | | | are one percent of purchase price. |
| there looking for these opportunities. We are | | | | Â Offer the least contingencies possible: |
| entering the times of multiple offers once again. I | | | | Houses own by banks are usually sold using an |
| have heard of people wandering about what to | | | | AS IS contract. This means that even if there is |
| do in situations like this. They put an offer on a | | | | something wrong with the property, the bank |
| house that they believe is a good deal and lose it | | | | won't do any repairs. There are two major |
| because somebody outbid then. Fortunately, there | | | | contingencies, which gives the buyer a way out |
| are several things that can be done to solve this | | | | of the contract. These contingencies are |
| phenomenon. | | | | inspection and financing. Make sure you inspect |
| Make your offers as close as possible to the | | | | the property before you submit your offer. By |
| asking price: | | | | doing this, you won't need to put that contingency |
| This may not seem like a good idea at first since | | | | in the contract since you would already know the |
| we tend to buy at the best price possible. After | | | | condition of the property. Regarding the financing |
| all, we invest we the intention of making a profit | | | | contingency, make sure to review that with your |
| sometime in the future. However, if you do a | | | | Real Estate Agent because you want to make |
| comparable market analysis in the area you will | | | | sure you get the right loan. |
| realize that in most cases the property in question | | | | It is certainly challenging when it comes to buying |
| is already priced below market value. If you find | | | | a home owned by a bank. By applying these |
| yourself in a multiple offer situation and you really | | | | three strategies, you will have a greater chance |
| want that house, why risking losing it. It is better | | | | of success in your negotiating process. |
| to say "I did my best vs. why didn't I offer | | | | |