With the recent spike in home sales, RMLS has reported a low inventory for this time of the year. According to RMLS, there is less than 1.5 months of inventory in today’s market. This is unusual for the time of the year but is indicative of a busy spring and summer, right now a lot of cash buyers and investors are taking advantage of the low inventory by over paying for much of what is out there. That leaves FHA, Conventional and VA fanciable buyers with little to choose from once the investors have their pick.
Homepath offers financed clients a 30 day “first look” period where only owner occupied clients can make offers. Use this time to your advantage, be smart and make a reasonable offer, and your offer will be received well and maybe even accepted as written. Banks know the value of their product, it’s their job to know what a home can sell for, otherwise it wouldn’t be for sale, don’t be stingy and ask for a steal, your offer will be ignored and you will be left in the dark, fuming about a no response to your offer. Instead, look with open eyes, use your agent to anticipate issues that an inspector or appraiser will call out and offer a logical number, you can ask for closing costs! Be sure you are properly approved by a lender and have your letter ready from the lender.
Point being: Homepath houses are often fixed up well enough to pass inspection and appraisal and if you get it within the 30 day first look, you can be in a race of 1 to the finish. Just don’t drag your feet, other buyers are becoming more confident with the homepath program.
I am ready to help open the door to your next dream home, just call, Ethan 503-218-3838