Finding the perfect house in Snellville Georgia is a big enough job. Congratulations on starting by educating yourself about the process and how to make the process go much more smoothly. Future home buyers first start looking at all the pretty homes on the market through various online portals. Looking at homes is a fun past time but when you are ready to get a home in Snellville Ga. there is a winning strategy that will get you to the top of the pack and buying your dream home. You want to give yourself the best chance of getting your offer accepted. These seven strategies will go a long way to helping you.
1. Get Pre-Approved But Be Careful
The number #1 reason for home buyers missing out on their dream home is they don’t get Approved first before they go out to buy a home. Putting together an offer for a Snellville, Ga. house begins long before you even begin house hunting. Before you even start looking at listings, you need to figure out how much house you can afford and then get pre-approved. With pre-approval, you will be seen by sellers as a serious buyer who will have the money to complete a successful closing.
“So before you hit the streets, get a pre-approval letter from one or more lenders, not a pre-qualification letter. A pre-approval letter confirms that you’ll be able to borrow X amount based on that lender’s evaluation of your credit score, assets and income.” Remember, pre-qualification simply means a lender has provided an estimate of what you can borrow – it’s not a commitment to loan you a certain amount as with pre-approval. The pre-approval process takes a little more effort and time, but it’s definitely worth it.
But just because you can borrow a certain amount (as shown by your pre-approval letter) doesn’t mean that you should borrow that much. In fact, real estate pros point out, savvy “sellers and agents get nervous when buyers bid the full pre-approval amount.” This is because if something happens along the way, say, interest rates go up, you may no longer qualify for that amount.
2. Research Market and Seller
Another important preliminary step in putting together an offer for a Snellville house is researching both the market and the seller. You need to know what similar homes in the neighborhood are and have been selling for. Otherwise, you may offer too much or make a lowball offer that gets rejected out of hand. Your local real estate agent can be a great asset here by performing a comparative market analysis. (To find out more about this, call 678-337-1165.)
You should also do some digging to find out as much as you can about the seller and her motivations for selling. “For example, you might learn that the seller is being relocated and needs a quick closing – faster than other buyers are willing to accept. Or, you might learn that the seller hasn’t yet found a home and may want to delay closing. Armed with this information, you can craft a more tempting offer than your rivals for the same price (or less).”
3. Determine a Price
Having done the first two things, you can set about determining your price – or, rather, your opening bid. Your offer will include your offer price, but that price will typically be below the seller’s list price. And the negotiations process begins.
Your agent will have helped you figure out the fair market value of the house by performing a comparative market analysis (CMA) and whether the list price is low or high or in the middle. Then, on the basis of that and several other factors, you can set your offer price. These other factors include such things as:
- How long the house has been on the market
- How fast the seller needs to close
- Whether the market favors buyers or sellers
- Whether the seller has received other offers
4. Present Yourself as a Serious Buyer
If you appear to be a serious buyer, then your offer will be all the more compelling. We’ve already touched on getting pre-approved, but there’s even more you can do to present yourself as a serious buyer.
One of the most effective strategies here is to make a substantial earnest money deposit (EMD), typically 1% to 3% of the sale price. This is genuine evidence for a seller that you are indeed serious about buying the house. And if the sale goes through, the EMD will be applied to payment at closing. Just be aware that if you back out of the deal, you may lose that EMD – unless you have a clause in the offer the provides for this contingency.
5. Use Contingencies Strategically
Speaking of contingencies, be careful how much you request in the offer and use them strategically. Contingencies are “provisions that must be met before the transaction can go through, or the buyer is entitled to walk away from the deal with their EMD.” For example, when putting together an offer for a Snellville house, you may have a home inspection contingency, which is pretty common. Such a contingency states that if the inspection turns up problems, the buyer can back out of the deal. A more common outcome, though, is that the seller agrees to make the repairs or reduce the price.
Contingencies are a good idea as a way to protect you as the buyer. But you do need to remember to look at the bigger picture, to see the whole forest and not just individual trees. You shouldn’t, for example, let a $500 repair make you lose out on a great deal. In addition, while “contingencies can offer protection to buyers, they can also make offers less appealing to the seller because they give buyers legal ways to back out of the sale without any financial repercussions. So, if you’re going up against multiple offers, making an offer with fewer contingencies can potentially give you an edge over the competition.”
6. Listen to Your Agent
Ultimately, in putting together an offer for a Snellville house, you as the buyer will decide what your offer will be. You have the final say because you’re forking over the money. But if you rely on yourself alone, you may not make a good offer owing to inexperience and emotions clouding your judgment. Your agent, however, and help you look at things objectively, help you craft a winning offer, and assist you in getting the deal that’s best for you.
- A Little-Known Strategy For Advanced Serious Home Buyers
You won’t hear many agents tell you about this strategy they mainly keep it to themselves and their families. When a homeowner puts a home on the market, they all want it to sell Now for the highest price. If the weekend passes without an offer they get nervous what if my house won’t sell, did I choose the right agent, what can I do? Smart agents know that the best time to show homes in Monday or Tuesday. The competition is a lot less most people cannot take the day off during the week and evenings are filled with life and family activities. Make a strong offer, get to take the house off the market before the masses sees it on the weekends.
Snellville Georgia is a great place to live. The population is only about 19,000 which is not too big for you to experience the Georgia charm. You will experience the feel of a small town without it being too small. They are many large area parks and you will find a farmer’s market across from the city hall during the months April/May through August. Snellville also has movie nights on the lawn a great choice for the whole family. After movie night head over to the many restaurants found all over Snellville. Snellville is located about 25 miles from Atlanta.