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You are here: Home / Buying a Home / How to Buy in a Seller’s Market With a Small Down Payment

How to Buy in a Seller’s Market With a Small Down Payment

August 9, 2016

A Seller’s Market

In a seller’s market, houses tend to sell quickly. If the house is in good condition, priced well, and in a desirable location, there is a good chance the house will receive multiple offers within the first few days it is on the market.

When you are in a multiple offer situation, the number of offers is significant.

The higher the number of offers is, the more important it is to have an experienced buyer’s agent representing you. A great buyer’s agent will be able to get enough information to give his/her client advice as to what the sellers want.

Small Down Payment www.AmyShair.comOnce you have an idea of what terms the sellers are looking for, then you can decide if writing an offer makes sense. If you feel like there are several offers, then it is very difficult for a buyer with a low down payment to write an offer that will get the seller’s attention because many sellers feel like a buyer with a lower down payment has a higher risk of not qualifying for their mortgage or asking for all inspection items.

5 Tips that You Can Use to Help Be Competitive:

Get pre-approved, not pre-qualified.

Not long ago, there was little if any difference between these two qualification levels, but now lenders are doing more to work with buyers to make sure their buyers will get the loan at the price they need.

Go one step further and work with a lender that will get you conditional loan approval.

That includes you giving all of your paperwork to the lender so they will get you underwritten where you can simply find a property and update minimal documentation. Presenting an offer where your lender can give a detailed approval letter will help give sellers reassurance that you can close

Present a “clean” offer – an offer with minimal extra requests that might make a seller hesitate.

Examples include asking for the seller to pay loan closing costs, a home warranty, or asking them to leave personal property such as appliances, play equipment, or garage items that are not offered in the listing materials.

Offer competitive deposits.

In NC there are 2 of these on the offer document, the due diligence fee, and earnest money.

Be willing to close in a reasonable time frame.

Sellers usually know if they want to move quickly or wait 60+ days to close. If time allows, have your buyer’s agent ask for the seller’s preferred moving date.

In Summary

The fewer objections a seller can find with your offer compared to the others they receive, will increase the chances they will accept your offer or at least respond to you with terms they are willing to accept.

Questions or Comments on this blog or Real Estate?

Amy Shair ReMax United Cary Durham NC 919-469-6539

Amy Shair has been an Award-Winning RE/MAX United Agent for 20+ Years.

Amy’s passion of education for Sellers and best options for Buyers has made her a top tier Agent.  Amy will “give it to you straight” with “no fluff”. Amy’s clients appreciate her vast experience and straightforward insight working on their behalf.  Contact Amy at 919-818-5001 or Contact Amy here.

Filed Under: Buying a Home Tagged With: down payment

About Amy Shair

Amy Shair is an Award-Winning REALTOR® and Real Estate expert serving Durham, Cary, and Raleigh North Carolina areas for over 25 years. Amy continues to stay current with online and real estate trends so that her clients are well-prepared for buying or selling their home. Call or Text Amy for your SHAIR of the market at 919-818-5001.

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