FEAR
The market is so competitive right now for lower priced homes. I don’t want to enter a bidding war!
Fact
In a hot market (which it is for homes that are being sold in foreclosure and short sales) it’s important to use common sense. Educate yourself on recent neighborhood sales, get pre-approved for your loan, read any reports that are available and retain the right to make further inspections if needed. Consider creative ways to make your offer stand out such as mostly cash down. An experienced REALTOR® can give you guidance in competitive situations and can negotiate competitively on your behalf. If you find your dream home and it’s a little out of your price range, but the seller is motivated, submit an offer. If by submitting an offer, you get the home you want, the effort will all be worthwhile. You might just be surprised by what the seller accepts. And don’t forget, while foreclosures and short sales comprised about a third of the resale market in December, they were 52.4 percent of sales just a year ago. That shrinks the available housing inventory of typically lower priced ‘distressed properties’ making now a good time to enter the housing market.
FEAR FACTORS