TIPS FOR A WILD MARKET!

WHEN BUYING IN A SELLER'S MARKET:

1.) GET PRE-QUALIFIED. Make a full formal loan application with the lender of your choice and get a WRITTEN pre approval from them. This can be submitted with your offer and can make your offer stronger in the eyes of the seller. Plus, if you are pre-qualified, then we will know exactly what type of financing works best in your situation and will know exactly how to write the financing terms in your offer to the seller.

2.) If you see a home that you REALLY like MAKE AN OFFER RIGHT AWAY. People can have a tendency to want to "think it over" (which we have encouraged), but in this market it can lead to losing the home of your dreams. Your offer will generally have contingencies to ensure the home is in the condition that you need and want and appraises for the price you are offering, etc. These will help insure there are no surprises. But in short, if you like it, BUY IT because if you like it, chances are others do too and it may be gone in an hour.

3.) Don't be unreasonable in your requests of the seller. In a buyers market, you can sometimes get new paint, new carpet, appliances thrown in, etc. Not true in seller's market. Many sellers have gotten more than one offer, so you want to make an offer the seller can accept the first time without having to make you a counter-offer. As few people have understood, during this counter-offer period, the seller is generally still free to accept any other offer they get until you deliver to them a signed copy of any counter offer. And generally the sellers signature on another offer automatically voids any previous counter offers the seller has made to you. You may sign the counter offer only to find out the seller has already accepted another offer in the meantime. When making your offer ask yourself: "Is this (contract item - such as carpet cleaning, move out date, closing cost, etc.) worth losing this house over?"

4.) Along the same thinking as the above, offer the best price you can the first time, rather than "see how low the seller will go". In this market, many properties have sold for MORE than the asking price! If the property is not worth losing for $1,000 or $2,000 - compared to everything you've seen - than make that offer $1,000 more than you would have and you may just find that is what makes the difference and gets you your dream home!

WHEN SELLING IN A SELLER'S MARKET:

1.) You may get multiple offers on your property. Please make sure your review all of your needs (moving dates or preferences, closing costs, mortgage balances) with your agent so we can best advise you of the ramifications of each offer. The highest price is not always the best offer, because the buyer may be asking for you to pay loan costs or make other concessions.

2.) You CAN counter more than one offer at a time. There is a procedure for MULTIPLE COUNTER OFFERS that your agent can review with you and give you the pro's and con's of.

3.) If you are buying another property and only want to move once, make sure your agent knows this and can coodinate the closing of both properties as best as possible. We do our best to keep all parties informed so that the transactions can all go as smooth as possible.

4.) You can list your property for sale before you have found a replacement home. Just be sure to INFORM your agent that you need a replacement property right away so we can make sure that contingency is in both your listing and sales contracts. That way, if you don't find another home that suits you, you would not have to move until you do find the right home.