So as a home buyer you are probably already aware that we have a crazy real estate market. Limited inventory of homes for sale, homes selling for over list price, homes with multiple offers the first few hours, sellers unwilling to assist with closing costs, etc, etc, etc. What's a home buyer to do?
First, let me assure you that there are plenty of homes for sale in the Greater Baton Rouge Real Estate Market. However you might have to make a compromise on what you want. Let's start there. Many home buyers want a 'turn key' home, meaning they don't have to do anything to the home but move in. Guess what? There are sellers out there who don't want to do anything to their home to get it ready for market except for the normal things like fixing damaged wood, or replacing a roof or AC as needed. But these same sellers aren't willing to change out their counter tops, of the color of their wall, and you sure don't won't them changing out their carpet especially if they have pets - wouldn't you rather put in brand new carpet that no one else has been on? The homes that are in TOO CONDITION in CERTAIN price ranges do sell very fast, and possibly with multiple offers that will drive up the price. But these other sellers that are normal homes that need your PERSONAL touch are willing to NEGOTIATE with you. Perhaps they will pay your closing costs and you can use that money to update the house. Remember, unless you are moving walls, all the cosmetic things can be done as you can afford them. Don't let the color of the walls, flooring, or types of counter tops discourage you from buying a home. Just NEGOTIATE to get what you want!
But if you have to have the perfect house, then you need to arm yourself with with everything you can to put yourself in the very best light. It's hard to win if you are competing with a cash offer. It's hard to win if you are asking for closing costs so make sure before you start making offers you have the money to pay your own closing costs. Another way to win an offer is to tighten up or forego the inspection. Before you make an offer, have your REALTOR call the inspector you want to use and see how quickly they can do the inspection. Here's a great tip that no one is thinking about it seems. Find out the sellers time frame for moving. Perhaps if you let them stay 30 or 60 days after closing YOU will win the offer. And one more thing. Those pre-qual letters your lender gives you means nothing to me UNLESS it specifically states the lender has run your file through desktop underwriting, that they have looked at your credit score and debt to income ratio AND have verified that you do have the cash necessary to close. Using these tips will give you the best shot at winning in a multiple offer situation. Of course, if you are working with our Five Star Team, we will guide you!
Watch this Video as Pat Wattam Explains how all this works!