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“I watch other teams and ask myself, ‘What makes them win? Luck? Scheme? I’m constantly thinking of how to be better.” NIT Champion University of Memphis basketball coach Penny Hardaway

The spring market in 2021 is running hot right out of the gate.  Inventory of homes available are fewer and mortgage rates are still a little lower than the beginning of April last year. It's a terrific market for home sellers because of the ease of selling higher. It is an excellent win for homebuyers because they can lock into a fixed-rate mortgage rate that keeps their payment affordable.  If you are a homebuyer in this market, get teamed up with a very reputable realtor and mortgage lender.   With some persistent grind and savvy strategy from you and your realtor-lender team, you can win in this market. 

University of Memphis Tigers basketball coach Penny Hardaway said in an interview last week after Memphis won the NIT championship, "I watch other teams and ask myself, 'What makes them win?  Luck? Scheme?' I'm constantly thinking of how to be better."

Here are some strategies I see buyers using to get their home purchase offer accepted over multiple offers—being better is not always about price.

1. Get a very strong preapproval letter from their lender.  Having a local lender that people know can work in the buyer's favor.
2. Try to get a preapproval letter with the least number of contingencies.  If you know you will sell your current home later, go ahead and get mortgage approval qualifying with both the new mortgage payment and the old one, so your offer is not contingent on the sale of your home.   Lenders can help you find money to use for down payment until your old house sells.
3. Be flexible on the possession date. The sellers may feel better knowing they can stay in their home a few days after closing and take their time moving.
4. Be willing to pay up to a certain dollar amount for repairs on the home you are buying. 

These are just a few of the strategies buyers can use with their realtor-lender team because it is not always the highest price that wins. Many times, it is the surest offer.  

Posted On Monday, 05 April 2021 00:00 Written by
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