How To Buy Your Dream Home When There’s Competition

Hello, this is David Xie with the Xie Mortgage Team, and today I want to talk to you about how to win the house that you love. So we've got an inventory issue right now. I talk to agents every day, and one of the biggest challenges is we've got an inventory issue and we're seeing offers get put in at 20, $30,000 over on a $200,000 house in order to win it.

Here's some tips and tricks that I've seen on all of the different contracts that I receive on how to win the home that you love.

So number one, I would say have an open line of communication with your agent. Make sure your agent is calling the listing side and just making sure you find out what's most important. And if you just put in an offer that you may think is the best, you may not know that that's the best offer. You don't know what the seller wants. So definitely put your agent to work and make sure that they're asking the listing side, what is the most important thing to them?

And that kind of takes us to the next tip for you, sweetening your offer.So sweetening your offer is not just all about money all the time, it's not about the highest offer is not about the least amount of closing costs, sometimes it can be something as simple as, Hey, I need to make sure that my kids finish in this school system before June. So maybe you can let them rent back.

Maybe you can figure out, like what's really important to them. Like maybe they have a german shepherd and you're a german shepherd lover. Maybe you could send them something and say, hey, you know what? You know, I love your home and not only do I love your home, you have the same type of dog that I have.

There's a closing dates that are important to people. There's contingencies, whether there's a termite moisture. Let's say you're really handy with things. Maybe you can say, hey, you know, I'm only gonna ask for up to a thousand dollars and in repairs from the home inspection and the termite moisture. Just know what your boundaries are and talk to your agent about how to sweeten your offer.

And then finally, I think one of the things that's really important is working with your loan officer as well as your agent at the same time, simultaneous. I like to think of myself as like the quarterback of the situation when we're the loan officer, because we know all of your finances, we know all of your income assets and liabilities.

So there's a misconception out there that certain loans are better than other loans and there's definitely a point to it. So definitely know what loan type would fit best with the property. So maybe if you're buying a home that is built in the fifties or sixties and there may be some peeling paint or things like that, not advising you to waive all inspections or go with a certain loan type, but a conventional loan doesn't really look at things like that.

Have Mortgage Questions? We Can Help! Click Here

There's safety things that the government loans like the VAs and FHAs look at. So definitely when you're putting an offer in on a house, don't just tell your loan officer, hey, this is what I want to put in and this is the loan type that works best for me.

Make sure you discuss with your loan officer the property type, the condition of the property, and the composition so that they can find the best loan type for you. Because if it's a seasoning listing agent, they are going to know what product is best for their client.

So here are three tips to win the home that you love. Feel free to reach out to me. I've got many more tips on how to win the home that you love. This is David's Xie at the Xie Mortgage Team and I can be reached at (757)-478-8493.