Most buyers in the current market will be faced with this situation: either the home you liked online has already been sold, or there are multiple offers on the house you want. In that case, it can be tempting to try to spend all the money you’ve been approved for on your mortgage. However, that’s not a smart move! If your offer is then accepted, you will probably end up being house poor. Check out this post by Steven Sales at Finding Homes In Henderson for the smart way to be a competitive buyer:
-Do not ever lowball a seller. Look for homes below your approval price so you are able to offer ABOVE the asking price.
-Offer to pay closing costs or for repairs
-Consider increasing Earnest Money Deposit
-Be flexible on timing- if the seller wants to sell FAST, be able to accommodate them!
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