Home buyers in Chicago continue to deal with competition in the market. Here are quick tips to make your purchase offer stand above the rest!
1. Get a mortgage pre-approval from a local, reliable mortgage company with a good reputation for closing on time.
2. Have a mortgage pre-approval letter that spells out the maximum loan amount, interest rate, type of mortgage, and the amount of down payment to be applied. The more detail a home seller has about your financial readiness, the more confidence they will have in your ability to close the deal.
3. Don’t goof around with your first offer. If you really want the house, make the strongest offer you can, while staying within your means. It’s much better to be the strongest offer up front, than to be the second or third-best offer trying to “catch up” to the leader.
4. Include a healthy amount of earnest money with your offer. This is another way to prove your financial readiness to the seller.
5. Keep any contingencies in your offer reasonable. A home inspection contingency and a financing contingency are typical protections for buyers. If there are specific concerns you have about the property, talk them through with your agent. He or she can guide you regarding the best approach with the home seller.
6. Tie it all together. Present a strong mortgage pre-approval letter, together with a strong sales price offer (as supported by market data) and a strong earnest money deposit. When you have these ducks in a row, your offer can compete against an all-cash deal or any other purchase offer.
To make a compelling offer, you need to be well-informed about the direction of Chicago home prices! At StartingPoint Realty, we provide home buyer education to help you navigate the market with confidence. We also provide expert guidance for you during all phases of the home buying process. From lender referrals, to the home search, to the purchase offer, and due diligence and closing, we’ll walk you through it. Start with our free, first-time buyer seminars, or contact us with your real estate questions today!
StartingPoint Realty – serving Chicagoland since 2004!
StartingPoint Realty proudly serves first-time home buyers and sellers throughout the entire Chicago area. Contact us for your free home buying or home selling consultation!
Ryan Gable Broker/CEO Starting Point Realty
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