Here is the Sunday morning hotsheet.
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Are you finding yourself under pressure to see the interior of some new listings only during the listing's first public open house? Depending on location you are shopping in, that could be a very stressful feeling to know that you may be required to make a decision within minutes of stepping into the open house because of intense competition. Here are some tips to help overcome the increased pressure.
- Always try to get an appointment to see the house as soon as it comes on the market.
- For those listings that do not allow any showings until the first open house, try to at least drive by the house to see if you like the location and the exterior of the house (you may not be welcomed to walk on property so be sure to respect the occupants'/owner's privacy).
- Have your Realtor review the terms in the Purchase Contract and Addenda in advance. You should be comfortable with all the terms in the Purchase Contract so that you do not have the added pressure of not understanding certain terms at the last moment when you need to submit that offer on a property with multiple competing offers.
- Review and look at all other comparable properties. Do this by keeping up with all the new inventory in the market that you are shopping in. Even if you know you won't like certain houses that are in the area you are shopping it, it would help if you have seen it to know what the house was actually like when comparing it to one that you do like.
- Have an offer prepared prior to going to view the potential property at the first showing. If it was thoroughly reviewed in advance, only certain terms that have been decided after seeing the home need to be discussed and your offer will be ready to submit to the listing agent. You don't need to sign and submit the offer if you decide you do not like the house after seeing it. It may seem like extra work for your Realtor (and you), but the more times you go through this process prior to finding "the one", the more it will make it feel like a breeze when you do find "the one".
- This last tip I have probably shouldn't even be in this list of tips at this stage because this tip should have been done before you even got this far. Make sure you have been pre-qualified with a lender and you have a reputable mortgage officer (preferably local for ease of verification among other benefits) that can prepare your pre-qualification letter to submit with your offer along with proof of the cash funds for the portion of your offer that is not being financed. If you haven't done this and you end up seeing one of those hot properties during it's first public showing, it is very unlikely that you will be the offer selected by the seller if it is a multiple offer situation.
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Rick Nakama (R GRI) 808-382-6761 East Oahu Realty, Inc.
Information is believed reliable, but is not guaranteed.