Milton’s real estate market remains red-hot with high demand and limited inventory. This forces buyers into bidding wars with multiple offers on desirable homes for sale. Submitting a competitive purchase offer is essential to have a shot at landing your dream home in Milton. Follow these tips to prepare for success in homes for sale milton.
Get Pre-Approved
In a seller’s market like Milton, an offer without a pre-approval letter or proof of funds gets tossed aside. Meet with lenders to get pre-approved at the maximum amount you can afford. This shows sellers you’re a serious buyer with financing ready to go. Know your budget limitations before house hunting so you don’t fall in love with a home you can’t actually buy.
Be Ready to Move Fast
New listings get snapped up quickly in competitive markets. Sign up for alerts from real estate sites and talk to your agent about getting advance notice of upcoming listings. If you find “the one”, be willing and able to see it and make an offer same-day, forgoing contingencies if possible. Hesitation will cost you.
Bid Over Asking Price
In Milton, homes often sell for 5-10% over the list price. Don’t play games with lowball offers that have no chance of being accepted. Work with your agent to determine a fair over-asking value based on comps, current demand, and the home’s condition. Remember, appraisals protect you from overpaying.
Minimize Contingencies
Sellers dislike offers loaded with contingencies that drag out closing timelines and add uncertainty. Waive the financing contingency if you’re strongly pre-approved. Skip the inspection contingency and do your inspection ahead of time, then ask for credit for required fixes.
Escalation Clauses
Adding an escalation clause lets sellers know you’re willing to pay more if another offer beats yours, up to a specified limit. Signal to the seller this is your maximum bid so they don’t leave money on the table. Just don’t get caught overpaying.
Large Earnest Money Deposit
Put down as much as you can for the earnest money deposit, even if it’s non-refundable. A bigger deposit signals you’re committed with “skin in the game” and not just kicking tires. Make sure you get legal advice on earnest money risks.
Bridge the Appraisal Gap
If the appraisal comes in lower than your offer price, be prepared to cover the difference in case the seller won’t adjust. Lenders only finance the appraised value. Having cash reserves or gap financing options will make your offer more appealing.
Draft a Solid Offer Letter
Write a letter to the seller emphasizing why you love the home and how you’ll take good care of it. Share positive details about yourself or family and your connection to the neighborhood. This puts a human face on your offer.
Move Quickly to Close
Commit to the quickest closing date possible. Offer to be flexible to accommodate the seller’s needs. The sooner you close, the lower the chance something falls apart. Demonstrate you won’t delay the seller’s moving plans.
Partner with a Realtor Who’s Seen It All
In wild markets like Milton, having a real estate agent with extensive experience is vital. Lean on their expertise in competitive bidding and negotiations to gain an advantage.
With preparation and perseverance, you can find your dream home even in Milton’s hyper-competitive market. Stay vigilant and be ready to act decisively when the right opportunity arises. The rewards of homeownership are worth it!