Real Estate - 买房 - Buying a Home?(5)Home buyer FAQs(1)

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Home buyer FAQs

A great home in pristine condition may get scooped up hours after being
listed. So when competition is fierce, you need to make your offer stand out
from your competitors' offers. To increase the likelihood that a seller
accepts your offer, consider adopting one or more of these strategies:

Price. Obviously, price tends to be the primary consideration for sellers. In
a hot market, when buyers outnumber inventory, offers often come in at full
price or above. When you're competing for a home, to get an edge, think about
adding a clause stating that you will beat the highest offer by "x" dollars up
to "x" amount. Cash offers can be more attractive to sellers as well. Although
sellers will receive their money at closing whether buyers pay with cash or
take out a loan, cash offers don't require lender approval. And loan approval
is never a certainty-it may delay closing.

Financing. It's not enough to be pre-qualified. Pre-qualification only tells
how much you can afford. Pre-approval goes a step further. Your lender will
thoroughly evaluate your application-including verifying employment
information and financial disposition-then clear you for a loan of a
determined amount. Having your loan pre-approved gives you a sizeable
advantage by putting you on equal footing with cash buyers.

Good Faith Deposit. Buyers offering a larger-than-customary amount of "earnest
money," a deposit that accompanies an offer, may get a seller's attention. By
committing more money up front, buyers demonstrate greater sincerity and
motivation to close the transaction. Your real estate professional can guide
you as to the appropriate sum for your specific transaction.

Contingencies. Consider minimizing contingencies, those clauses that allow
buyers to back out of a contract if certain conditions are not met. For
example, it's common for buyers to make the purchase contingent upon their
securing satisfactory financing. Obviously, offers with the fewest conditions
tend to be more attractive to sellers.

From a contingency standpoint, first-time buyers are often better prospects
for a seller's home than move-up buyers. Here's why: Very often, buyers'
offers are contingent upon the sale of their present home. Even if a move-up
buyer has an offer in hand, that buyer's offer may be contingent on another
contingency, and so on down the line. If one transaction derails, they all
might.

Relationship. Help the seller get to know and identify with you by looking for
ways to connect. For instance, it may be through a shared appreciation of a
certain style of architecture. Let's say that you're fortunate enough to find
yourself competing for an original Frank Lloyd Wright-designed home. After
hearing about your visit to Taliesin West, Wright's desert home, and your
collection of Wright-inspired furniture, the seller might be persuaded that
you should be the next custodian of this national treasure. Of course, the
connection could be something more conventional such as a shared love of
gardening. You'll want to persuade the seller that his prize roses will be
well tended.

Naturally, sellers would like to receive top dollar for their home, but
remember, they also want an easy, trouble-free transaction. Thus, as a rule,
the fewer the contingencies and the greater the commitment, the more
attractive your offer may look.