THIS MONTH:
SMART STRATEGIES
for Buyers
Brokers Jeff & Heather Buchanan Answer Your Real Estate Questions
Our local market is hot right now, which means competition amongst buyers can be fierce. Here are a few strategies you can use to make sure your dream property doesn’t get snatched out from under your feet.
1. GET PRE-APPROVED
You wouldn’t check out with a huge basket of groceries at the store without knowing whether you had the money to pay for them, so why would you shop for a home before finding out how much you can spend? Your buying process should start by getting a pre-approval letter from a lender, which shows how much the bank is willing to lend you to buy a home. If you know that amount before you go look at houses, you can save yourself the heartache of falling in love with a home you cannot afford. When you find a property you want in your price range, providing that pre-approval letter makes your offer stronger because it shows the seller that you are able to buy the home. That makes the seller more willing to negotiate with you because he or she knows you aren’t wasting their time. There are many reputable lenders in our area who would love to help you and most can get you a pre-approval letter in less than an hour. If you don’t have a lender and need help finding one, feel free to call us at Buchanan Realty and we will be glad to provide you with a list of recommendations.
2. ACT FAST
Properties are selling like hot cakes right now, especially homes under $200,000. So if you find one you love, don’t dilly dally. We’ve had several clients recently who waited a few days after viewing a property to make an offer who were saddened to discover it was already under contract! It’s a smarter strategy to get it under contract than to let it get swiped, because if you change your mind you can always back out during the option period if you need to (usually 7
days). You also want to make sure your offer is reasonable. With so few properties currently for sale, low-ball offers usually don’t stand a chance. We are happy to provide you with a free comparative market analysis, which will tell you what the home is worth in the current market and help you formulate the best strategic offer.
3. PERSONALIZE IT
To help yourself stand out from the competition, write a letter to the sellers about why you want the house. Most people want to know that their property is going to someone who will care for it and love it the way they have. Letting them know you have a baby on the way and are excited to raise your children in their lovely home and make precious memories there will let them know you will cherish it. Or if you are good at gardening, you could tell them you look forward to working in the yard and maintaining their beautiful landscaping. Don’t underestimate the power of the sentimental!
4. LIMIT REPAIRS
Being flexible and willing to take care of minor repairs is another way you can make sure you close the deal. Once you have a contract on a property, you will have about 7 days under the option period to have it inspected and make sure you know what you are buying. All inspection reports are full of “flaws”, and some buyers get overwhelmed and want the seller to repair everything mentioned. If the seller had multiple offers and you are asking them to make a million repairs, they are likely going to refuse and move on to the next buyer. Your best chance at closing is to limit your repair requests to major items or repairs needed for safety reasons. If you would like more tips on buying or listing a home, call us at Buchanan Realty. Any one of our outstanding agents will be thrilled to assist you so you can get ON THE MOVE!
Jeff & Heather Buchanan are both real estate brokers with Buchanan Realty, LLC, and have offices in Lufkin and at the Lake. Jeff has a background in real estate appraisal, which gives him a distinct advantage when it comes to pricing and valuating properties for his clients. Heather is also a state licensed attorney, which gives her unique insight into the intricacies of the legal documents that accompany real estate transactions. They work tirelessly to help their clients achieve their real estate goals, and base their business upon biblical principles. Call them at the Lufkin office (936) 632-7700 or by cell (936) 240-1700 today! 18
Email your real estate questions to: jeff@lufkinproperties.com or heather@buchananrealtyteam.com
We’d love to hear from you!
