If you’re a home buyer in Columbus, you’re going to be up against a lot of competition in this hot seller’s market. Here are some tips that you can do in order to increase the chances of your offer being accepted.
#1. Get Pre-Approved.
Talking to a lender before you start your home search does two things. First, it helps you set your budget so you know what home price range to search for. Second, it will allow you to attache a pre-approval letter with your purchase offer. Pretty much every home seller is requiring that you attach a pre-approval letter nowadays and if you want your offer to be taken seriously, you’ll need one.
#2. Look for homes under your budget.
Chances are you will have to offer over list price in order to get your offer accepted, so if your maximum budget is $300k, you should be looking in the $250-275k range. That’s just the nature of today’s seller’s market.
#3. Show proof of funds with your purchase offer if you do offer over list price.
There is a chance that there will be an appraisal gap (the difference between the purchase price and the amount that the home actually appraises for). If this is the case, then the buyer is responsible for paying for that difference out of pocket because a lender will only lend for the amount that the house appraises for. Attaching a redacted bank statement to show that you do have funds to cover an appraisal gap will make the seller more confident in your offer.
#4. Waive remedy.
Still get a home inspection, but tell the seller that it is only for your peace of mind and that you won’t be asking them to fix anything. Essentially, you will buy the house as-is as long as there aren’t any major structural issues (which is why you get the inspection).
#5. Be patient!
You may lose out on your first couple of purchase offers but don’t let that get you down! It’s much better to be patient than make poor financial decisions that could hurt you down the road. Have faith that eventually your persistence will pay off and you’ll find the home of your dreams.