1. Give Yourself Plenty of Time
Allow 3-6 months after getting pre-approved for your home search.
2. Cash is King
When writing an offer, be prepared with:
A. Earnest money equal to 1% of the purchase price.
B. $350 - $500 for the inspection.
C. $500 - $1,000 extra cash for a competitive offer.
3. Understand the Current Market
Here's why extra $$ is recommended: Demand and prices are rising. The appraised value may be lower than the purchase price because appraisals are based on houses sold ~ 6 months ago. If you can make up part or all of the difference between the appraised value and the purchase price, in a competitive offer situation, you are more likely to win your dream home.