These tips will help you become a better buyer in this market.
In our current market, it’s not unusual to see multiple-offer situations with as many as 20 or 30 buyers competing for the same home. If you’re a buyer, what can you do to help yourself win the home you want? I’ve invited Ryan Paquin of First Home Mortgage to join me in today’s video to help answer that question.
According to Ryan, asking for closing costs assistance from the seller is one of the most difficult things to do right now, so try to position yourself so you don’t have to ask for closing help. There are plenty of down payment assistance programs and closing costs programs that can help you if this is an issue.
Second, make sure you don’t have any contingencies. If you have to sell your current home before buying, consider renting the home back from the person you sold to so that you don’t have to make a contingent offer. We’re seeing buyers allowing rent-backs for up to 60 days. Considering it only takes about 30 days or so to close, that should give you enough time to go under contract.
Third, work with a local lender. A lot of Ryan’s clients’ offers are being accepted specifically because listing agents know his company’s name. First Home Mortgage is the largest privately-held mortgage bank in Maryland. Compared to other lenders, they handle a greater percentage of the market share. Listing agents know they’ll do things quickly and be thorough upfront, so you’ll have a better chance of getting your offer accepted working with a company like that instead of a national bank or credit union. Ryan and I have had much success on behalf of our clients by working together and using this formula.
If you have any questions for Ryan or would like to reach out to him, you can email him at firstname.lastname@example.org or give him a call at (443) 377-1589. If you’d like to know more about strengthening your position as a buyer or have any real estate questions at all, feel free to call or email me anytime. I’d love to help you.