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How to beat the competition to your next Hudson Valley home!

Wednesday, August 8, 2018   /   by Vanessa Saunders

How to beat the competition to your next Hudson Valley home!

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The summer selling season for Hudson Valley real estate continues to be as hot as the July and August weather. We see prices continuing to rise, buyers challenging buyers in bidding wars, and people missing out on their dream homes because other buyers came in with better offers. So what tip can I give buyers to help them successfully purchase a home? 

Here's two.
1. Assure the sellers your financing is rock solid.
Put yourself in the position of the sellers, who have a pile of offers to consider. They know that accepting one of the offers will send the other buyers scurrying away to find another property. If the buyer they choose has financing problems of any kind, it can kill the deal and the sellers will have to start over. We've seen plenty of deals fall through, even for buyers with pre-approval letters. One reason is, there are plenty of Internet lenders who will give a pre-approval letter to just about anyone. Buyers can reassure sellers by working with a reliable, local lender for their mortgage. We know which lenders are reliable and which ones aren't, and encourage our buyers to choose from the good ones on our list.
Buyers can also show the sellers their offer is stable and secure by offering a larger deposit. Sometimes called earnest money, it is a cash deposit the buyers make as a pledge to the seller that they are serious about the deal. Typically, it's 1 to 2% of the value of the house. Earnest money is applied to your down payment or closing costs. Bigger is better, and it sends a strong message that the buyers are for real.

Other factors besides financing can make one offer stronger than another. Cash, of course, is king. But we've actually seen full-price cash offers beaten out by other full price cash offers that are stronger. Some buyers win by being willing to take a home with no contingencies, such as the sale of the buyers own current property. Others offer cash with no inspection, accepting the home in "as is' condition. And of course, making an offer with cash that's significantly above asking price will certainly get a seller's attention.
2. Skip the move-in ready properties and look for a home that needs a little work.
Ignore some outdated features and consider neighborhood, layout and livability as your priorities. While other buyers are fighting it out for the bright and shiny colonial on the corner, you may get a really great house that just has really bad carpet.
Many of today's buyers grew up with an "off the rack" mentality. They want their house to be perfect from the start. Buyers with a little time, energy and some extra cash to build some sweat equity into their new place may be able to avoid the crowds. This has its exceptions, however. We've seen that some homes in the right location still cost quite a bit and get multiple buyers even if it's a dump. 
If you're looking for a Hudson Valley home, feel free to use our real estate search tool at http://www.SearchHomesInNY.com. If you'd like some help with your search, contact the Global Property Systems REALTOR® in your area. 

  hudson valley real estate, hudson valley property, hudson valley home, buying a home, housing sales inventory, housing sales, hudson valley home sellers, making an offer on a house

Global Property Systems
Vanessa Saunders MBA MIMC CIPS - NYS RE Principal Broker
56 Lafayette Avenue Suite 320
White Plains, NY 10603
914-290-5258


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The information appearing herein has not been verified by One Key, Inc or by any individual(s) who may be affiliated with said entities, all of whom hereby collectively and severally disclaim any and all responsibility for the accuracy of the information appearing at this web site, at any time or from time to time. All such information should be independently verified by the recipient of such data. This data is not warranted for any purpose.

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The data relating to real estate on this website comes, in part, through the IDX of the Multiple Listing Service of Ulster County, Inc. Real estate listings held by brokerage firms other than Vanessa Saunders - Global Property Systems are marked with the IDX logo and detailed information about them includes the name of the listing broker.
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