Buying a Home: Why You Need a Real Estate Attorney

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Buying a Home: Why You Need a Real Estate Attorney

When I bought my first home, I basically signed whatever was placed in front of me. The idea of becoming a homeowner overshadowed any concerns that I might have. Besides, the agent seemed to know just what needed to be done. It was only later that I learned there was some confusion about the location of the property lines. Two years and several thousand dollars later, I finally got things straightened out. When I bought my second home, you can bet that I had a real estate attorney by my side. Everything was checked and double-checked before I signed anything If you are thinking about buying a home, take nothing for granted. Let me tell you more about my experience and why you need your own legal counsel. In the long run, you'll save a lot of time and trouble.

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Trying To Buy A Single-Family Home In A Competitive Market? Here's How To Be Successful

If you are relocating to an area with a highly competitive housing market and need to secure a single-family home as soon as possible, then there are certain things you need to do to ensure your success, including:

Work with a Top-Producing Buyer's Real Estate Agent

Top-producing real estate agents tend to be the ones who take their jobs very seriously and go out of their way to know about all of the properties for sale in any given area on any day. This means that if you work with a top-producing buyer's agent, then they are the most likely to be one of the first to know about new listings. This is important because the first person to see a high-quality property always has the opportunity to put in the first offer.

Obtain Preapproval for Your Upcoming Mortgage Loan

If you aren't preapproved for a mortgage loan, then it's best you avoid trying to buy a house in a busy market. You will be competing with buyers who are preapproved and will likely get an outright denial on any purchase offer you make because you don't have any proof you will be able to close the deal.

Getting preapproved for a mortgage is a must when buying in a competitive housing market.

Have the Cash for a Large Good Faith Deposit Readily Available

Though many single-family home buyers give a lot of thought to the price they are willing to offer for a home, they often don't give a ton of attention to the amount of the good faith deposit or other important financial aspects of the offer. 

When you are trying to buy in a competitive market, you should always assume other buyers are making the most attractive offers they are capable of making. For this reason, you must have plenty of cash available to make a large good faith deposit. Your ample good faith deposit shows the seller you are serious about completing the sale and can give you a nice edge over other buyers.

Write a Heartfelt Letter to the Home's Seller

Lastly, while it might seem strange, sometimes all it takes to beat out the competition when buying a single-family home for sale in a competitive market is writing a short, heartfelt letter to the seller.

Your letter should briefly introduce your family and mention all of the things you love about their property. Often, a seller just wants to know the family who bought their home will love it as much as they have and a letter from you can seal the deal.