Jul 2, 2015

5 Dallas Home Buying Tips - July 2015

It's a sizzling seller's market in Dallas!

If you're looking to buy a property anywhere in the Dallas area in 2015, I've got a few important tips to help you succeed.

  • Get a good agent. In our hot seller's market, it doesn't take a great seller's agent to put a house in MLS and get offers on it. But not every agent is an experienced negotiator who knows how to effectively get the deal done. You need a realtor who can act quickly, efficiently and knowledgeably - and who has a good working relationship with other agents to get the job done. 
  • Get pre-approved for your mortgage or pay cash. The seller wants to know that you've got the money (or access to money) to buy the house. A pre-approval letter should accompany your offer. It tells the seller that your lender has looked at your credit information, verified employment and other information to actually start the mortgage process. 
  • Be ready to act quickly. When you find a property that you like, make an offer. Those who hesitate will likely miss out or find themselves in a multiple offer situation. Agents in the know are finding out about properties before they hit the market. And we're watching several times a day for those that go immediately into MLS. Seems like I'm checking MLS more than a bored teenager checks Candy Crush. 
  • Understand the seller's motivation. Your agent should ask the sellers agent what their needs are so your offer can be structured in a way that is most appealing to a seller. Do they want to close quickly? Do they need some time to give you possession of the house? These are all things that can be important when a seller considers offers.
  • Make your offer as appealing as possible. You may find yourself in a multiple-offer situation so make yours more desirable from the start. Can you make a large down payment? Reduce the number of contingencies? While a sweet letter to the seller might help - money talks louder. Forget about low balling in today's market. Expecting to win in a multiple offer situation with a bargain priced offer is unrealistic. [where: 75230]

1 comment:

bryan flake said...

I can see how getting pre-approved for your home loan will really help you out. It would seem a bit backwards to buy the home and then wait on the financing. The most logical way to do things is finding out your price range and then get the loan in place, then buy your home.