3 Virtually Unknown Secrets to Finding the Perfect Home
Many people in Aspen are putting in offers on homes for sale only to have them quickly rejected. There are cash buyers, people willing to waive inspections and contingencies, and lots of other factors that impact buyers’ inability to snag a great home – but with these three secrets, you may be able to find your dream space pretty quickly:
- Don’t try to blow your whole budget.
- Boost your earnest money deposit.
- Never make an offer without preapproval.
Here’s a closer look at each.
Secret #1 to Finding the Perfect Home: Don’t Try to Blow Your Whole Budget
You don’t have to spend your entire Home buying budget on a house. In fact, if you’re a lender tells you that they’ll let you borrow $800,000, there’s nothing wrong with looking at homes in lower price ranges. In fact, you may have a better shot at finding your dream home if you open your eyes to fixer uppers and those that need a few updates.
Besides, the less you spend on a home, the lower your mortgage payments will be. That means you save money overtime, which you can turn around and put into transforming your home into your dream space.
Related: How to make your offer stand out
Secret #2 to Finding the Perfect Home: Boost Your Earnest Money Deposit
Most people put down between one and three percent as an earnest money deposit when they make an offer on a home. But you may be able to increase your chances of getting an offer accepted if you boost that amount. You don’t have to put down $10,000 as an earnest money deposit, but even a small increase can make your offer stand out.
One word of caution, though: remember that if you break your end of the deal after a seller accepts your offer, the seller gets to keep your earnest money deposit. That makes offering a higher amount a little more risky, but it may be worth it in the end, particularly if you don’t intend to back out of the transaction.
Remember, too, that there are plenty of valid reasons for backing out of a transaction. If your real estate agent has built contingencies into your contract to protect you, your earnest money won’t be at risk unless you walk away from the deal without a valid reason.
Related: What to do if your appraisal comes back low
Secret #3 to Finding the Perfect Home: Never Make an Offer Without Preapproval
You shouldn’t make an offer on a home without mortgage preapproval from a lender. That’s because pre-approval shows a seller that there is a lender out there willing to give you the money you need to buy a home. If you make an offer without preapproval, the seller has no idea whether you’ll actually be able to get financing. That makes accepting your offer a risky proposition for them.
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