Here are a few tips to help you become the best homebuyer in your market.
- Get pre-approved. Pacific Access Mortgage officers staff each Coldwell Banker office. Work with them or your local loan officer to get pre-approved and know what you can afford. This saves time when you're searching. Bring two years worth of tax records, two months of bank statements and your last two paystubs. 2-2-2. Easy to remember.
- Don't get house fever. With multiple offers on each home (an average of five), you might lose out on the first or second home you bid on. Don't start a bidding war that takes you out of your comfort level. Know your budget.
- Plan on a big down payment if possible. Cash talks and may swing the deal your way.
- Get your finances in order. Pay off debt, clear any errors on your credit report and make sure your last two bank statements don't have any questionable large deposits or withdrawls.
- Do your homework. Know the different neighborhoods, what prices are being asked and accepted. Go to open houses. Rely on your real estate agent's knowledge.
- Don't hesitate. Homes are figuratively flying off the shelves. Be ready to make an offer as soon as you view a property. In other words, bring your checkbook.
- Stand out from the crowd. With multiple offers being made, yours is one in a pile. Compose a short letter describing yourself and why you want to take care of the house. Include a family photo. Personalize your offer by touching the seller's emotions.