How I got my house at a good price in a seller’s market


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Last year I bought a new house. I made this purchase at a very inopportune time as it was a seller’s market and many homes were selling above asking price after bidding wars.

Luckily, I didn’t have to pay more than I wanted for my property and was able to get the house at a fair price even though the property values ​​increased. Here’s why.

The Big Reason I Got My Home Affordable

I was able to get my house at a good price for one simple reason. The current owners of the property needed to sell quickly, and I was able to close the house on their schedule.

You see, previous owners didn’t carefully check deed restrictions before moving into the neighborhood. Turns out they wanted to do a number of things that weren’t allowed, including parking a boat and an RV in their driveway and having more than two large dogs.

Because they failed to follow HOA rules, they were regularly hit with fines and fees. They were naturally not very happy and wanted to get out of the house as soon as possible. And we were able to do that, closing within two weeks of accepting our offer.

Since we didn’t have to take out a mortgage and we were flexible about when we moved in, since we had another house we continued to live in part-time, our offer was very attractive to them, even if they received higher offers. They just wanted to finish the house and they were happy to find buyers who could help them out right away.

Flexibility around closing can be a big plus for sellers

For many people who have a tight timeline for when they can move, a buyer’s ability to be flexible when it comes to closing can make a huge difference. This can be the case both for people who need to sell quickly and for those who want to stay in their home longer after finding a buyer.

Of course, not everyone can make this type of offer to a seller. If you need to get a mortgage, you’ll have to wait until the lender is ready to close. And if you don’t have a lot of flexibility in when you move out of your current home, that could be a challenge. But there are ways around this, like getting pre-approved with a mortgage lender known for being quick to close or willing to temporarily stay with family for a little while before moving into a new home.

If you can’t close on the seller’s schedule, you can also find other ways to distinguish yourself from other offers, such as being willing to pay cash or being willing to inspect for informational purposes only and not to be asked. silver. unless some major issues are discovered.

The bottom line is that if you want to get an affordable home when the market isn’t in your favor, you’ll need to get creative and look for other ways to make your offer more attractive. It could pay off big in the end.

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Mortgage rates are rising – and fast. But they are still relatively low by historical standards. So if you want to take advantage of rates before they get too high, you’ll want to find a lender who can help you get the best rate possible.

This is where Better Mortgage comes in.

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We are firm believers in the Golden Rule, which is why editorial opinions are our own and have not been previously reviewed, approved or endorsed by the advertisers included. The Ascent does not cover all offers on the market. The editorial content of The Ascent is separate from the editorial content of The Motley Fool and is created by a different team of analysts. Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. Christy Bieber has no position in the stocks mentioned. The Motley Fool recommends Discover Financial Services. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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