Monday, June 01, 2015

Home buying tips! Have mortgage pre-approval and offer sheet in hand

Waiting for the crowds at our single family home estate sale over the rainy weekend
I spent Saturday and Sunday mornings hosting very busy open house showings at an estate sale. We anticipated buyer interest would be very high. So, we listed the home in the MLS and gave three days notice for the first showing times for the weekend.  The lead time would allow everyone in the market a fair shot at seeing and offering on the house. This despite the fact we could have sold the home in one day after listing to the quickest buyer if the seller chose to.

The home is priced very well for a "fixer-upper" in good condition in a nice Portage Park location.  Yet, many people who would sincerely like to buy the affordable home for their family showed up over the weekend woefully unprepared.  They lacked market knowledge of the area, did not know basic details of the house and did not know the parking situation of the house (there is no off street parking with the house) to name a few things.

Our listing at 6148 W Eastwood in Portage Park generated many offers over the weekend.
More importantly, many of the interested buyers lacked mortgage pre-approval letters or did not know how to submit an offer.  Unfortunately, these folks are at a huge disadvantage to the investor cash offers and the buyers who had mortgage pre-approvals and offers ready on the spot.  In a multiple offer situation sellers have to narrow down the offers they will consider.  The most professionally prepared and timely written offers will have the edge.

My partner Bob and I prepare our buyer clients to have the best opportunity to secure a home.  Work with us today.

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