In Milton’s hot housing market, buy home in milton need to move swiftly and strategically when bidding on a home. With multiple offers and bidding wars common, any missteps can cost you your dream home. Avoid these mistakes when putting in an offer on a Milton property so you don’t sabotage your own success.
Don’t Wait Too Long:
In a competitive market, waiting even a few days could mean the difference between getting the home or losing out. Once you find the right home, be ready to put in an offer within 24 hours or even immediately. Ask your agent to contact the listing agent and let them know you’re interested and actively getting an offer together.
Don’t Lowball Your First Offer:
Making an initial offer well below list price may seem strategic, but it often backfires. Sellers get offended and opt for more serious bids. With multiple offers expected, start with your best offer price right out of the gate. Price low but not unrealistically so.
Don’t Make a Contingent Offer:
Sellers dislike contingent offers as they can fall through at the last minute. Waive the financing contingency if you’re preapproved. Accept the property as-is if you’re comfortable with the inspection report. Limit contingencies as it shows you’re serious and your offer is more likely to be accepted.
Don’t Skip the Earnest Money:
Forgetting to include an earnest money deposit makes your offer look flimsy and not credible. Include 1-3% of purchase price as earnest money to demonstrate you have skin in the game. Making non-refundable earnest money shows even greater commitment.
Don’t Overlook Preapproval:
Neglecting to get preapproved is a rookie mistake in a competitive market. The preapproval letter from your lender verifies you’re qualified for a mortgage of a certain amount. This proves to the seller you have financing and carry through capability.
Don’t Waive Inspections Unwisely:
In the frenzy of competition, don’t forgo inspections completely. Only waive the contingency, not the whole inspection, so you still learn about the home’s condition. If major issues appear, you can still negotiate repairs or walk away losing just your earnest money.
Don’t Reveal Your Top Budget:
Never disclose your max budget or down payment amount to the seller upfront. Start lower and incrementally increase your offer to beat out other buyers. Revealing how high you can go gives the seller license to push for that amount. Keep them guessing instead.
Don’t Make Personal Appeals:
While it’s fine to write a friendly letter sharing your enthusiasm, don’t get too personal with your appeal to the seller. Disclosing protected class details like race, religion or family status could cause legal issues down the road. Keep it focused just on your affinity for the home.
Don’t Offer Over Asking Without Research:
In multiple offer situations, going over asking seems necessary, but don’t do so blindly. Research recent neighborhood sales to estimate the market value compared to list price. Consider foregoing inspections before overpaying too dramatically.
Avoiding these key mistakes will help your offer stand out on a Milton home rather than being dismissed. Work quickly yet strategically, lead with your best price, limit contingencies and back up your ability to buy. With the right approach, you can make your offer appealing and get your dream home.