The Pasadena real estate is hot this spring! With more competition, buyers are under pressure to bring the best offer possible -- and that doesn’t always mean the top price. There are a number of ways to set yourself apart as the best buyer for a property. An article by Kiplinger’s Personal Finance offered a few tips.
Take care of the basics
Get pre-approved for a home loan before starting your search and submitting an offer. This will tell the home seller that you can back up your offer with a solid financial plan. (Read “Pasadena real estate gets more competitive for buyers” to see how some lenders are taking pre-approval a step further.)
Make sure your first offer is a good one
If the Pasadena real estate market were slow, you might be able to make a lowball offer, but that could rule you out immediately if you do it in a hot market. You may get only one chance to get the home you want. Don’t count on getting the chance to improve on your offer in negotiations, because you may get a flat-out rejection that gives you no room for change. To make the best reasonable offer, look at sales prices of comparable properties in the neighborhood and talk to your real estate agent.
Sweeten the deal for the seller
If you really want to stand out, consider adding a clause to the purchase contract that you will increase your offer if the seller receives a higher bid from another buyer. Another step to show sellers your commitment to a purchase is to add earnest money. There are plenty of deals that require some earnest money -- but some buyers are doubling that amount.
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Add a personal touch to your Pasadena real estate offer
Some buyers are personalizing their offers by including “love letters” about the home. A letter to the seller could include what you love about the home, why you’re buying a new home (relocation, buying your dream home, downsizing etc.) and any other tidbits to connect with the seller on a more personal level.
There are other things you can do to appeal to sellers, such as asking for few or no repairs, for example, to make it as hassle-free as possible. Talk to your Pasadena real estate agent for guidance.
