Submit A Competitive Offer In This Market

Dated: 05/14/2017

Views: 261

You've probably heard it’s a “Seller’s Market” in all of the Portland area, meaning there’s more demand (buyers) than supply (properties).
 If you want to buy property (and not just look) in Portland, here’s what you'll need to do:

  • Work with a LOCAL LENDER to know how much you can affoImage titlerd. Get your documentation submitted for a loan approval, not just a pre-qualification.

  • Make a list of needs verses wants in the property you are looking for. You won’t find the perfect property, but this helps you recognize the right property faster.

  • Use my search to find properties. Save driving time by using street views to see the surrounding neighborhood. I like Google Earth.

  • Decide quickly. If it is priced right, the property will move quickly, so you will have to act quickly.

  • Construct an offer with as few contingencies as possible. While leaving out contingencies on inspections or appraisal is dicey, making an offer contingent on the sale of another property generally will not be accepted in a seller’s market.

  • Study the most recent sales and follow the trends. You may have to pay more than the comps show in a strong seller’s market.

  • Submit your (almost) highest and best offer right up front, then be prepared to go higher. That is the reality of it. Consider submitting a letter introducing yourself to the seller.

  • Don’t hold the sellers responsible for the bidding war. Just put yourself in their shoes. You would probably want what the market dictates. Most times the property still has to appraise at the agreed upon price to get the loan. If you agree to a price well above the list price and the market values come in lower than your offer, be prepared to pay the difference in cash between the appraised value and your offer.

Don’t get emotional. There will be other houses if you don’t get the first one. Just stay prepared. Don’t stress out. Remember your reason for moving.

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