As all of us in Bend know, homes are selling quickly, prices are rising, and we have an inventory shortage. Like many parts of the country, Bend is truly a seller's market. It is not uncommon to have multiple offers and occasionally bidding wars. With competing buyers for the same property, it's necessary to act quickly, and in order to do that, buyers need to be prepared.
The first step is to get loan preapproval to see what the buyer can afford. Being pre-approved and submitting an approval letter with the offer gives buyers an advantage because the seller knows they are qualified to buy the home.
Finding a lender who is willing to send an approval letter for a specific offer being written over the weekend is also an advantage. Weekend availability is more likely when working with a mortgage broker than with a bank, and can be an advantage in this regard. Most realtors should be able to provide names of some brokers with whom they have had good experiences.
Working with a realtor who provides access to the MLS and regular daily updates of new listings that meet a buyer's criteria is very helpful. Once the buyer decides on a home, the realtor can run "comps" to verify if the home is priced at market value, sing data from comparable properties recently sold in the neighborhood or close vicinity.
In a tight market with buyer competition likely, if the home is priced correctly, a full price offer, or the very best offer possible should be submitted, along with the loan approval letter. Finally, there's one last item to have ready: a letter to the owner that introduces the buyer(s) and why they love the house. This added personal touch can make a big difference to the seller.
All of the above can be prepared ahead of time, thereby enabling quick action to purchase the home. There are many other facets to the process, but these are the important extras in today's market.
