Making Sure Your House Bid is the Winning One

Sometimes you find the ideal house for you and your family only to find out that there are other parties interested in purchasing it. If this happens, you may become embroiled in a bidding war, which can quickly drive the price of the perfect home up. If you’re worried about being the winning bidder, there are a few steps you can take to ensure your offer is the winning one:

Get Pre-Approved

Getting pre-approved for a mortgage at a price higher than the current listing on the house is a great way to get an edge over the competition. Sellers are always wary of buyers with bad credit, and pre-approval takes care of that. It also means you can close more quickly on the house because you won’t have to wait as long to get your mortgage in place.

Keep in mind that pre-approval and pre-qualified are two different things. Pre-qualification isn’t as strong and doesn’t guarantee that the lender will give you the full mortgage amount you want, it just means they will consider making the loan. If you want to be pre-approved, you’ll need to fill out a complete mortgage application and provide extensive documentation.

Offer A Strong Down Payment

The larger your down payment, the more seriously the sellers will take you. If you come in with a lower figure on your down payment, the sellers may assume that you’re struggling financially or they may fear that you won’t be able to come up with the funds when the time comes to close. This can be particularly helpful if the seller needs to close on the house quickly because they are in financial difficulties.

Understand the Sellers and Help the Sellers Understand You

Regardless of whether the seller is putting their home on the market for personal or financial reasons, you can tap into their feelings with the right letter. If you know they’ve raised their children in the house and you have young children of your own, the personal connection can make a real difference. Having a career as a doctor, firefighter, nurse or some other altruistic pursuit may also help.

43077981 - money wallet
You may need to make a strong offer to get the house you really want in today’s market.

If money talks, however, skip the warm feelings and aim straight for their wallet. If you find out that the seller is in foreclosure or is behind on their own mortgage payments, they will want to close as quickly as possible so that they can move on with one less debt to worry about. If you have the means to make a cash offer to a homeowner in foreclosure, you could make an offer that’s up to 20% less than other buyers who have to take out a mortgage.

Be Willing to Negotiate on the Details

If you’re in a bidding war for a house, you’ll need to be extremely flexible on the terms of the offer. Don’t put in any clauses that will slow down the sale of the house. Stating that you’ll only close once your own house sells is a recipe for losing your dream home. You may have to carry two mortgages for a short time, but it may be preferable to losing out on the home you’ve dreamed about. Also don’t include a mortgage contingency clause that allows you to back out of the sale if you don’t get the financing you need. (If you’ve been pre-approved, this won’t be a problem.) Sellers hate losing potential home buyers because the current deal falls through.

Bid High

In the past decade, houses have mostly sold for less than their asking prices, but that’s changing. It’s now a sellers’ market, which means the days of offering a low-ball figure and getting a counter-offer from the seller are over. Make a strong offer from the start. This might mean

Respond Quickly

It’s usually a good idea to “sleep on it” when you’re buying a house, but if there are multiple bidders or the seller wants to close as soon as possible, respond quickly to any counter-offers. Don’t ask for a few days to think it over; the seller may move on to the next buyer while you’re mulling over your options. Try to respond by the end of the day (or sooner if possible).

Don’t Fester Over Small Details

Five years ago, a home buyer could ask the sellers to do minor repairs before they would sign. This gave buyers a move-in ready home and put the expensive of minor facelifts on the seller. Today if you ask the current owner to cut down a few trees, repaint the exterior or fix the leaky faucet in the sink, the seller will probably move on to a seller who is willing to buy the house “as is.”

Signing Mortgage
Being ready to sign and having all the documents you need in place will help you close on the house you love sooner.

Finally, be ready to close as soon as possible and make the closing itself as painless as possible. Have all your documents ready in advance, schedule a time that is convenient to the seller, and make the process as smooth as possible for everyone.

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Family-Ready 5 Bedroom House With Architectural Details

OWNER FINANCING IS AVAILABLE!

100_5471
816 Western Street

You’ll fall in love with the details in this house. A spacious layout and completely finished attic bedroom gives you lots of flexibility and storage. An eat-in kitchen with oak cabinets, updated countertops and beautiful architectural details throughout are just a few of the reasons you’ll want to move right in.

New laminate flooring with the look of hardwood and a neutral color palette mean you can move right in. It even has central air to keep you cool on those hot summer days. You won’t find a five bedroom house in this great condition anywhere else that’s priced to sell at $89,900!

Call 724-333-4114 to schedule a viewing of this property or log on to http://www.lookatmyhomes.com to see more pictures of this newly renovated home!

 

 

270 Kindale Has Room to Spare Inside & Out

It also has a two-car garage connected to the house, a rarity in the Ellwood City area at this price point.

 

This four bedroom, one bath house sits on a spacious lot with mature landscaping, giving you lots of room for picnics, play and just relaxing and enjoying the surroundings, but the interior is the star of the show. The first floor features a large family room, eat-in dining room with built-in cabinetry, three bedrooms and a newer kitchen. The island between kitchen and dining room is perfect for serving or setting up a buffet when you have guests.

Casement windows let breezes through and plenty of closet space means you’ll never lack for storage. A large room on the second floor could be your master bedroom but is large enough for a pool table or media room. Plenty of outlets, recessed lighting and track lighting are just a few of the thoughtful details you’ll appreciate. Lots of windows means loads of natural light in every room, and the newer carpet and fresh paint make this house move-in ready.

270 Kindale Street also has a two-car garage connected to the house, a rarity in the Ellwood City area at this price point. The garage has a remote control door and pegboards all around to hang tools, craft supplies or sporting goods. The open rafter ceiling adds lots of overhead storage as well. Finally, an enclosed porch leads to the oversized yard.

Call Look At My Homes at 724-714-9758 or email Joey@lookatmyhomes.com to schedule a time to see this lovely home listed at just $93,000.

 

 

816 Western Street, Ellwood City, PA is Family Ready

816 Western Street
816 Western Street

You’ll fall in love with the details in this house. A spacious layout and completely finished attic bedroom gives you lots of flexibility and storage. A spacious kitchen with oak cabinets, updated countertops and beautiful architectural details are just a few of the reasons you’ll want to move right in. Hardwood floors and a neutral color palette mean you can move right in. It even has central air to keep you cool on those hot summer days. You won’t find a five bedroom house in this great condition anywhere else that’s priced to sell at $76,900!

 

 

Contact Look At My Homes at 724-333-4114 to schedule an appointment or get more information.

Seller Disclosures When Buying A Home

termites-damageAny time you buy a home there is the chance that a problem could arise shortly after you’ve purchased the house and moved in, but Pennsylvania Seller Disclosure Laws help protect you if the problem was apparent to the seller before he or she sold you the house. But what does a seller have to reveal to you before you sign on the dotted line?

Pennsylvania’s 68 Pennsylvania Statutes Section 7304 requires all sellers to provide potential buyers with a Seller’s Property Disclosure Statement. This document should including the following information:

 

  • Contents of the house (such as dishwashers and other appliances) and their condition, including whether they need to be repaired or replaced
  • The location and number of working smoke detectors
  • Whether there is a known problem with sewage lines, septic systems, etc.
  • Any additional costs the homeowner will incur on a regular basis, such as Home Owners’ Association (HOA) fees or any restrictions on the deed to the property, such as whether mineral rights are included with the sale of the property.
  • Specifics such as the type of sewer system used on the property
  • If the house was constructed prior to 1978, the seller will need to provide Title X disclaimer stating whether there is lead-based paint in the home and how it has been treated.

At Look At My Homes, we always strive to give you all the information you need to make the an informed decision about your next home purchase. If you have questions, ask us and we will give you the unvarnished truth. We want your home buying experience to be so good that you will recommend Look At My Homes to your friends and family!