the raleigh real estate market is crazy on fire right now are you worried about
missing out on the perfect home stay tuned we've got solutions for you coming up next
hi this is chris morton real estate broker with exp realty in raleigh north carolina
and you've probably seen our recent video which details that raleigh north carolina is
the number one real estate market right now and because of such high demand people are
getting really frustrated that they're missing out on a lot of homes homes are going for way
over asking price and multiple multiple people are bidding on the same property so today we're
sharing with you what things are like in the raleigh market right now and what you can do
when you're going up against multiple buyers who want your house so coming up here are nine tips
you can use to win the bid against multiple buyers also make sure you stay until the end of the video
we've got a tip that very few real estate agents know about very few use and it's one that i have
used to help my buyers win against multiple other buyers more often than not tip number one
be prepared you've got to be crystal clear on what you need in your next house you must write out a
list of your must-haves and your like to haves and if something comes on the market that hits eight
or nine of your must-haves you gotta jump on that house you gotta go see it that day be prepared to
see it that day be prepared to write an offer on it that day and along those same lines if
you need a mortgage make sure you've gone as far through the process as possible with your mortgage
lender make sure you are through the pre-approval process not just a pre-qualification so that you
are absolutely rock solid and are absolutely going to be able to afford that home and be prepared
to go all the way to closing on that home we can definitely help you with this give you some advice
on mortgage lenders if you need them and also help you with in general with that process number two
tip be aggressive understand in a hot market the list price is really just the beginning bid price
don't expect in a hot market that you're going to get a deal or that you're going to be able to
get an offer accepted that's under asking price it very very rarely happens be prepared to pay
as much as five or even ten thousand dollars above the asking price for this home if you can't afford
to pay five or ten thousand over asking price maybe you need to lower your search criteria down
so that you have yourself a five or ten thousand dollar cushion so that you're able to make that
extra bit of money a reality unfortunately in this market right now again an ask price at the
full list price or slightly under is simply not going to get you the winning bid on that house
sorry to say the number three tip is don't fall in love do not get emotionally attached
to a particular home until you have won the bid until that is officially your home under contract
as well don't get emotionally attached to a specific neighborhood or two neighborhoods
you're limiting yourself to what the options are out there for your perfect home because inventory
is so low right now it's very very difficult to say yes we can absolutely find you a home
in this neighborhood it just unfortunately isn't happening right now the number four tip we have
for you is use an appraisal addendum now i know this is going to get a little bit in the weeds
but it is important so bear with me an appraisal addendum is where basically the buyer agrees
to pay the difference between what the accepted contract price is and the appraisal price if that
appraisal price that the appraiser gives on the house is less than the price of the contract then
the buyer agrees to pay that difference obviously this can get quite risky but if you've got the
funds to do it it will absolutely give you a leg up on the competition to be able to make a higher
than list price offer that is accepted and then to give the sellers confidence that you're going
to be able to go through with the contract as written and get all the way to the closing table
the number five tip we have for you is write a personal letter to the home sellers so a lot
of real estate agents are going to discourage you from doing this because it runs the risk of
running up against fair housing laws but if done properly this can really be a successful thing
because it gives you an emotional connection to the sellers so if you've got two offers and you're
one of them and they're pretty much the same offer the personal letter could potentially sway things
in your favor so how do you write this personal letter well the first step you want to take is
as you're going through the house the first time deciding this is the house for you
look around to see what things you have in common with these sellers possibly you went to the same
university college possibly you like the same pro nfl or nba team anything that you can relate
to write in your personal letter to them to give yourself a familiarity or connection to them
also you're going to want in this letter to write about how you see this is being the perfect home
for you and how you absolutely need to be close to this particular grocery store that you're a fan of
and that you love the home so much that it because it is close to that grocery store or that there's
great walking trails and you love to be out and about and how you absolutely can see yourself
fitting in perfectly to this house and making this your home also you want to let them know how
you're going to take excellent care of the home because a lot of sellers are concerned that the
home is going to get torn down or completely changed around and it was their dream home
that they bought and you get the idea so write a personal letter get yourself an emotional
connection to those sellers the number six tip we have for you is don't ask a lot of questions so
buying a home is going to bring up a lot of questions in your mind that you're going
to need to ask the sellers the thing you don't want to do is ask two questions now
have two questions in a couple hours five questions tomorrow morning on and on and on
you get the idea the best thing you can do is come up with all of your concerns or questions
you have for that buyer and divide them into two lists things that you must absolutely know
before you write an offer and anything that you can ask after you've got an accepted offer
ask all of the questions you need to ask that your buyer's agent your personal agent can't
get for you themselves ask all those questions get them all out of the way so that way you're
confident to write an offer and then you ask your other questions after your contract is accepted
and why is this important well if there's two offers out there and one is an easy offer and
the people have been pleasant they haven't been needy or asking tons of nosy questions
then that offer is likely to be accepted if you're the other person that's asked all the
nosy questions so it's just basically a way for you to look as easy to work with pleasant simple
all of that as you can to the seller you want to put the best face forward on the front end
of the transaction the number seven tip we have for you use a local lender so there's a lot of
really important reasons you want to use a local lender and the first one that comes to my mind is
that listing agent that seller's agent may have done a transaction with your lender in the past
and if they're a local lender and it's been it was a good transaction that's going to give you
a leg up on the competition as well that lender can make a phone call to that seller's agent and
either establish a re-establish rapport and be able to say i'm available anytime that you need me
24/7 give me a call on my local number as opposed to some 800 number that they're only
there on central standard time whatever they have the ability to build that rapport that a
national lender or an out-of-state lender just simply can't the number eight tip we have for
you is write a clean offer now clean does not mean don't slop spaghetti sauce on the offer paperwork
when you send it in what i mean by that is don't ask for any extras don't ask for any closing costs
any home warranties don't have a home that you need to sell ahead of time before you can buy
their home that's called a contingent offer you don't want any of that because you're going to
be putting yourself a leg down on the competition that has the simple easy clean offer that simply
got asking price closing date due diligence date all of that make it as simple as you possibly can
and by the way if you do have a home that you need to sell before you can buy contact us we
have a plan in place that can allow you can help you through that process so that you can go ahead
and make an offer on your new home and tip number nine use an experienced agent so typically most
of the time you are not going to pay anything to have a real estate agent work on your behalf
as your buyer's agent and you want to hire an experienced agent that's going to be able to run
the comparable numbers for the homes in that neighborhood around the home that you want to buy
so that you know you don't overpay for that home also an experienced agent is going to help you
communicate with the sellers and the seller's agents ideally they've already had a transaction
or two with the seller's agents in the past had a good relationship and they know how to communicate
through the whole process to make it go so much smoother for you and now let's get on with our
bonus tip thank you for watching this far we're going to reward you with a bonus tip something
that very few agents use that i have used in the past to help my buyers successfully get the home
of their dream and that tip is have your buyer's agent call the seller's agent before you write an
offer you want to have your agent ask the seller's agent what are the motivations of their client
do they need to stay in the home for an extended period of time do they have a new construction
home that's not going to be ready for three or four months do they need a quick close because
they've got to be in California in a month what is the motivation of the sellers and see
if you can match up to that motivation in other words if you've got a seller who needs to be in
home for three months maybe you go ahead and close now on a regular 30-day closing schedule
but then you let them rent the home back from you for two months three months for a dollar a month
it's a win-win because you get to secure the home of your dreams and they are able to move and
go when they want to go and they're much more likely to pick you because your agent
made that phone conversation maybe their goal is just to get the most money possible
and they don't care when they close it's not any big deal well then you need to structure your
offer in that regard so that everything helps them out but the bottom line is you want to have your
buyer agent ask the seller's agent what can we do to make this transaction a win for your sellers
so that you pick my buyer's contract and offer we hope this has been helpful for
you guys thank you so much like and subscribe as always below and we look forward to seeing
you next time on the next video this has been Chris Morton thanks a lot bye