Daily Camera (Boulder)

How can buy­ers pro­tect them­selves in a seller's mar­ket?

- By Gary M. Singer Lifestyle · Real Estate · Money Tips · Lifehacks · Business

We are house hunt­ing, and our real es­tate agent warned us it is a “seller’s mar­ket,” and we need to de­cide quickly. This makes me ner­vous. What can we do to pro­tect our­selves and still find a home for our fam­ily? – Gina

Q:

De­spite the COVID-19 pan­demic, or maybe be­cause of it, many ar­eas are ex­pe­ri­enc­ing a hot real es­tate mar­ket.

I have ex­pe­ri­enced sev­eral cy­cles of buyer and seller mar­kets and have learned there are good and bad deals to be found in any mar­ket.

The ba­sics of real es­tate do not change. First, re­mem­ber that you are buy­ing only one home, not the en­tire mar­ket. Keep look­ing un­til you find the house right for you. Homes

A:

are too ex­pen­sive, and mov­ing is too dif­fi­cult to set­tle.

It would be best if you also kept re­al­is­tic ex­pec­ta­tions. A deal that looks too good to be true in­vari­ably is. No mat­ter how much you dis­like house hunt­ing, it is bet­ter than get­ting stuck with a money pit.

Af­ter you find a home that meets your needs, pre­pare the con­tract of­fer to be as straight­for­ward as pos­si­ble. Sim­ple, well-writ­ten con­tracts free from un­nec­es­sary con­tin­gen­cies are more at­trac­tive to sell­ers.

The say­ing is “cash is king” for a rea­son, but a rea­son­able buyer making a solid of­fer at a fair price with a mort­gage can be more at­trac­tive than a flaky cash buyer look­ing for a deal.

Be­ing pre­pared and knowl­edge­able about the process will let you move faster when you find your dream home. Put to­gether your team of pro­fes­sion­als now. Have your mort­gage pre-qual­i­fied, your home in­spec­tor and ti­tle at­tor­ney se­lected, and ready to do their part. Learn the process by speak­ing with your team so you can put your best foot for­ward when making the of­fer.

A pre­pared, knowl­edge­able buyer is de­sir­able to a mo­ti­vated seller. Sell­ers want to get as much money as pos­si­ble from the sale, but they mostly want to work with a buyer that can suc­cess­fully make it to the clos­ing ta­ble.

Gary M. Singer is an at­tor­ney and board-cer­ti­fied as an ex­pert in real es­tate law. He prac­tices real es­tate, busi­ness lit­i­ga­tion and con­tract law from his of­fice in Sun­rise, Fla. He fre­quently con­sults on gen­eral real es­tate mat­ters and trends with var­i­ous com­pa­nies across the na­tion. Send him ques­tions on­line at sunsen­tinel.com/ askpro or fol­low him on Twit­ter at Garysinger­law.

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