Getting ready to make an offer on a house with a selling price of less than 200K? It’s a seller’s market in that price range, so it should come as no surprise that you may have to compete with other prospective buyers. Here are some ways to try to prepare yourself for a multiple offer situation:
First and foremost, make sure your mortgage pre-approval ducks are in a row. A seller likely won’t accept your offer unless there is evidence that you can actually pay for the house.
Understand that you may need to adjust your price range in order to be able to offer more than the asking price.
Be able to make a large earnest deposit. This shows the seller that you are committed to buying the property.
Better yet, be able to make a cash offer. This eliminates the need to involve a bank or other mortgage provider.
Choose a home inspector and let him/her know you might be calling soon – the same goes for your attorney. You want to be able to get the buying process moving as quickly as possible.
Don’t get your hopes up. Again, the current market in the less than 200K market makes buying a home much more competitive.
For more information about multiple offer situations, check out this article.
