Buying a new home can be an exhilarating experience for anyone, especially when you settle for a real estate-friendly location like California. The demand-supply ratio could be at its optimum, allowing you more wiggle room to negotiate a better price for the property. As a home buyer, it’s normal to try to score an advantage over the seller, who would also try to do the same.
This trading game has opened numerous loopholes over the years, and newbie property buyers are more likely to get the short end of the deal. However, some corporate real estate firms could help you out in any sticky home purchase situation.
For us, buying the dream home is about getting the right tips and tricks peculiar to the area. We buy houses in Pasadena with greater ease by studying how other bidders play their cards.
Have you been searching for houses in Pasadena, CA? This article highlights some of the best strategies you’d need.
Consider Paying in Cash
You might think that taking out a mortgage is the only way to buy a house in Pasadena, but that wouldn’t be true. Speaking from experience as a real estate firm, we buy houses Pasadena and other areas in California, and mortgages are the last option to consider when completing the purchase. Paying in cash could help you to get a better deal overall.
One compelling reason you should consider paying for the property in cash is time. Timing is a crucial factor in real estate purchases, and cash payments would enable you to close the deal much faster. That way, you get to avoid late fees and additional delays a mortgage financier can cause.
Bump Up Your Down Payment
Californian real estate is currently more prominent than ever, hence we buy houses in Pasadena and the other cities in the state. We can tell that house sellers are more worried about the buyer’s financial commitment to the deal. With so many prospective buyers, they’d like to be sure they’re giving the house up to someone ready to see the purchase through.
Do you want to edge out other would-be buyers? Make a more significant down payment, preferably at 30 percent or higher. It immediately tells the seller that you’re a slightly more serious buyer than everyone else.
Also, higher down payments could come in handy if you’re using a mortgage financier. It assures them that you wouldn’t get affected by a lower appraisal on the property later down the line.
Get Pre-Approval From Two Lenders
Getting a mortgage against a home purchase in Pasadena requires several procedures. Generally, the lender seeks to know if you’re credit-worthy enough to get a mortgage. They’d also like to see the home’s value is high enough for the effort. Therefore, lenders would “pre-approve” you before giving you the mortgage facility.
However, pre-approval is a crucial detail for property sellers, as that’s one of the few ways they can tell that you’d likely close the deal. You can get the edge over other buyers by obtaining pre-approval from two mortgage institutions.
As property brokers, we buy houses in Pasadena reasonably often, and a double pre-approval indicates that we could pay off the mortgage promptly.
Beyond that, getting “double approved” is a solid reassurance that you’re credit-worthy enough to buy the house, much to the seller and lender’s preference.
Send a Letter to the Seller
Sellers are humans, and you could improve your chances of buying a house from them by appealing to their emotions. Sending a letter to a prospective seller could add a personal touch to your purchase intentions.
We buy houses in Pasadena, CA, reasonably frequently, and we can tell you that this strategy could make you stand out on an organic level. Let’s give you a scenario: would you rather sell to a buyer who only wants to pay for the house or one that writes a heartfelt letter on why the house is a perfect fit for their lives? Most sellers would prefer the latter, especially when there are numerous other prospects,
Sweeten the Deal with a Gift
Following the narrative of appealing to the seller, you can take things further by sending a gift. This gesture is likely going to work on sellers that haven’t made up their minds on their buyer options. They’d be surprised and pleased to see the gift and would appreciate your efforts to make the purchase deal a success.
Gift cards, box chocolates, and hamper baskets are some of the gift options you can consider. Also, including a personalized “thank-you” note to the gift is an excellent idea. The seller could get blown away by your actions, and you could get your dream house in Pasadena, California.
Be Snappy About it
Time is crucial in the California real estate market and even more so if you’re looking to buy a Pasadena home. Although property demand is high, a seller might be searching for how to sell my house fast in Pasadena on Google and with the number of visitors Google web pages get daily, the seller is likely to get a fast buyer.
As a result, buyers would try to edge one another by how fast they could get in the deal. Therefore, you must round out your strategies and close the purchase deal as soon as you can.
You’d have to start with the listing period: you could have an alert system notify you of when a Pasadena home gets listed. Generally, sellers can act after 48 hours after listing the house and sell to one of the first few offers they get. For buyers to meet such quick development, they’d often have to skip property appraisal and price negotiations.
Our recommendation is to check with one or multiple realtors in Pasadena to see if you have the financial might to open the purchase deal without negotiation. Also, it’s best to decide after considering several property options. That way, you’d get to learn the patterns and how you can buy a house in Pasadena on time.
You might be excited to buy a home in Pasadena, CA, right away. However, it bears mentioning that you’d need added information to get the best value, as the market has a high volatility and demand rate.
The tips we’ve discussed above are handy in getting your dream home in Pasadena. They aren’t common knowledge and would conveniently give you the edge in an incredibly competitive bargain session.