You’ve found a home you can afford, in a great neighborhood with good schools. It even has a fenced-in yard for your dog. What could go wrong? Any number of things, ranging from a competing buyer’s all-cash offer to an insufficient earnest money deposit from you. More via Making an irresistible home offer – Chicago Tribune.
On well priced and well presented properties in Wisconsin, multiple offer situations may now occur – a big change from the buyer’s market of recent years. Read the linked article for more detailed information on the recap below: Making a strong offer to purchase
Be Pre-approved If it not a cash offer, a mortgage will be needed. If you are not preapproved, the seller can’t be certain you can obtain the mortgage amount, making it risky for them to accept your offer. Talk with a lender before you begin your home search. They will verify your income and determine what you can afford.
Pay Cash, if possible This will allow you to compete with cash investors and cash deals are less likely to fall apart before closing.
Make Your Best Offer There is now competition. If you really love the house, make the best offer you can. You may not get a second chance.
Hefty Earnest Money Earnest money accompanying your offer is often a sign of how serious you are. Discuss the typical amount with your agent and increase your amount. You only lose this money if you breach the contract. Putting down more makes you less likely to do so.
Limit your contingencies Contingencies need to be satisfied before an offer is binding. The more you have, the more risk the seller is taking by accepting your offer.
Have a buyer agency contract in place with your First Weber agent
Buying a home is an exciting time and most people don’t do it often. There are legal contracts to be filled out and deadlines to meet. Be sure you are working with an experienced real estate agent and/or buyer’s agent who can guide you through the offer process and beyond to inspection, appraisal and eventually closing. There is A LOT to do after an offer is accepted. A great real estate agent can help you through to a successful close and your new home!
For information on Wisconsin Buyer Agency, please see this post. To begin searching for Wisconsin homes for sale, please visit firstweber.com. And, to research what homes are selling for in the area you are looking, make sure to toggle over to “solds” to view sold prices or set up a free My First Weber account at the top right corner of our home page where it says “create an account.”
First Weber sells real estate throughout Wisconsin: Metro Milwaukee and Southeastern WI, South Central Wisconsin, Southwest Wisconsin, Central Wisconsin, Northeast Wisconsin and Wisconsin’s great Northwoods. You can start searching for Wisconsin real estate and Wisconsin real estate agents at firstweber.comThanks for reading the First Weber Wisconsin real estate & Wisconsin living blog.
Related article: Wisconsin real estate market not what it used to be.