In many markets across the country, homes are actually selling above list price in bidding wars. Driven by high demand, record low interest rates, rising materials cost related to new homes and little or no inventory, buyers desperate to buy homes are actually driving up the prices of properties. It is an exciting time to be a seller; but not so exciting time to be a buyer.
If you find yourself in a bidding war, money talks loudest. So all cash buyers have a real advantage. And, forget about buying homes on contingency, or even with inspections. Buyers often waive inspections to speed up the process. That is a little dangerous; but the reality is that even if something is found in an inspection, the seller is likely to insist on an “as is” sale forcing the buyer to waive their rights demanding that repairs be done.
If you do need to get a mortgage, be prepared to put more money down if the home does not appraise at the price you are paying. Since appraisers work off sale history, it could be that comparables will not substantiate the price you are paying. If that happens you may have to come up with more down payment to close the loan.
At Paragon Home Resources, we assist families with life decisions. We have worked with our clients to sell and buy thousands of homes over the years in rising and declining markets. We know how the game is played so we can help you win the game to sell or buy your next home.
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