There is no doubt that the real estate industry is in the middle of a strong seller’s market surge. For those seeking to purchase either residential or commercial properties, that can make it quite challenging to find the right properties in their price ranges.
So, what is an eager buyer to do? A sellers’ market doesn’t have to deprive you of your dream property, but it does mean that you may have to get a little creative in order to sweeten the pot for your deal.
Cash on the barrel
If you have the money to pay cash for your property, e.g., you just received a large inheritance or some other windfall, this is an excellent way to invest your money. Whether the property is where you and your family will live or you intend to fix it and flip it, a cash offering can be hard for the sellers to turn down.
Waive the appraisal
Competitive real estate markets can force buyers into a corner where concessions may become necessary. As always, there is risk involved here, however. An appraisal contingency gives buyers wiggle room to back out of a purchase and still retain the earnest money in escrow if the property appraises for much less than the purchase bid, so look carefully before you decide to waive it.
Protect your legal rights
Regardless of your decision to waive some contingencies, you should never enter into a real estate purchase unadvised by legal counsel to make sure that your rights are fully protected at all times before, during and after the sale. Your attorney will also insist on a title search, so make sure that this is not a step your skip in the home-buying process.