Home Buying: What Can Give You a Competitive Edge?

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Buying the right home is more than about knowing what you need and want in a property. While this is important in the purchase process, it is also important to secure your finances (by applying for a mortgage) and know more about your local housing market. This is to be able to act right away when your dream home or the “right one” comes along.

Do take note, however, purchasing a home may not always be a smooth-sailing process. This is because there may be other buyers that also want the property you are eyeing for. This is why you need to step up your game and make yourself an attractive and competitive buyer. You can start by learning the things that can give you an edge when buying a home.

Mortgage pre-approval

This involves an assessment of your financial situation to determine the loan amount that you are qualified to borrow. Having a pre-approval gives you a competitive edge over others, as this means that you are serious about buying the property. Mortgage brokers in Provo, Utah also note that it can increase your negotiating power, as it represents a level of certainty in terms of financing the purchase.

Irresistible offer

Making an offer that is hard to refuse is essential when competing with other buyers. You can base yours on the current prices of the homes in the area, but if you want your offer to stand out, you can present something that is above the asking price. Just do take note that when doing so, make sure you can afford it and it is not something that is way over your pre-approval amount.

The intent for buying the house

Agent touring the couple inside the houseSellers or owners who have some sort of (emotional) connection to the house are likely to favor a buyer who wants to make the property the home for their family than investors or those who intend to make major changes to resell the home or rent it out. In cases like this, you can supplement your offer with a letter explaining how much it would mean to you (and your family) to get the house.

Willingness to be flexible and accommodating

Another way to seal the deal or make your offer stand out is to have flexible terms. You can do this by allowing the seller or the owner to stay in the house (for a few days) after the closing. This is to give them enough time to settle all their affairs in order. This can sometimes be more attractive than paying in cash, as this shows kindness and consideration to the owners.

Convincing through kindness

Some buyers focus on the flaws of the property to negotiate and lower its asking price. It is best not to go this route, as it usually backfires and the seller may decide not to do business with you anymore. If you really like the house and have a lot of competition, it is can be beneficial to pay compliment to the space and convince the seller that you are the right buyer.

Approach the process of home buying right by getting a pre-approval first before looking at houses. It is also a good idea to work with a reliable mortgage broker or lender to know more about your options and the things you can do to be an attractive buyer.

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