A tale of two buyers

If you follow me on Facebook, you’ve seen that my listing in Canton already has an accepted offer to purchase, just two days after the Open House and first showing!  This is a great illustration of the current market conditions; inventory is still low following winter (but it’s rising), rates are low, and well-priced homes are moving incredibly fast.  So what should you, the buyer, do to make sure you get the home you want?  Take a lesson from two potential buyers for my listing, and read on…

Buyer A and Buyer B both saw my listing online and came to the Open House on Sunday.  Both of them loved it, and wanted to buy it right away.  That’s where the similarities end.  Buyer A had a mortgage preapproval letter in hand from her bank, and she was already working with a Realtor well before she came to visit my Open House.  Because she was already prepared to make a move, Buyer A was able to work with her Realtor to submit a written offer, complete with preapproval, that same night.  On the other hand, Buyer B had contacted a mortgage broker and had a preapproval in the works, but didn’t actually have one in hand yet.  Buyer B told me he was very interested and wanted to make an offer, but he didn’t get his preapproval letter in time and didn’t have a Realtor to write the offer, so the seller accepted Buyer A’s offer before Buyer B could get his documents together.

If you are looking for a home to buy, make sure you have everything you need to make an offer that same day if need be.  You may or may not find the right home for you on your first day out, but you should be prepared just in case you do!

One thought on “A tale of two buyers

  1. Pingback: What’s a preapproval? | Living In Franklin

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