#1 Top Tip for Home Buyers in Phoenix in a multiple bid situation
Phoenix Home Buyers please listen to this advice and follow it closely - but ONLY if you want to be in the running to win a bid for a home in the Metro Phoenix area HOT real estate market.
Get Your qualifying ducks in a row BEFORE you submit an offer - just do it!
What does that mean? That means that you should consult a trusted lender (ask your agent for referrals) and submit all the documentation that your lender requires upfront. It is a very wise idea to know exactly what amount you can qualify for and that there is nothing in your credit report or documentation that needs to be clarified or cleaned up. Again - this should all be knocked out BEFORE you look at homes and most certainly before you submit an offer, especially in a multiple bid situation.
Why? Consider this story: Seller meets with listing agent to go over 4 offers. 3 offers are excellent and complete including ALL DOCUMENTATION and LOAN QUALIFICATION in place. 1 offer lacks a totally completed qualification form that is standard in our area and it states that the buyer has not submitted any of his documentation to the lender - none. The buyer is also is asking for seller to pay for all of buyers closing costs. When the listing agent asks the buyers agent for clarification on exactly what those cost are - to the penny - buyers agent has no idea and can't answer that question. He says he won't know that number until the buyers lender completes the qualification process.
What do you suppose the seller will think on the unknown cost asked of them? Sellers will most likely toss that offer to the bottom of the bunch and work with the other 3 excellent and completed offers. How can you ask a seller to pay for all of your loan costs in a multiple bid situation and not know how much that will be? $6000.00? $10,000? $15,000? That just doesn't make any sense, does it? No of course it doesn't. And it also makes no sense to not be totally approved before making an offer - at least as far as you possible can be totally approved. Your job is to make your offer SHINE above all others so you can compete with all the other buyers - that already knows this information.
Put your best foot forward - so to speak - if you're intending on buying a home in a hot real estate market. Ask your agent to see the recent comps of what homes are selling for and how long their on the market. You might be surprised to see many homes selling over list with less that a week or a few days on the market.
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#1 Top Tip for Home Buyers in Phoenix in a multiple bid situation
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