How to Win a Bidding War on a Rochester Area Home

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Today we're going to talk about how to approach a bidding war if you're a buyer. Usually a bidding war starts because the home itself is a good investment. The home could also be in a good neighborhood, or near a school that everyone is trying to get into. Basically, it's a result of supply and demand.

If you find yourself in a bidding war, how can you win? The best thing to do is hire an agent who knows the pulse of the local market. They are usually connected with other agents, other agents trust them, and they know a good lending company.

Another strategy for winning a bidding war is making a cash offer, or offering a large down payment. You could also offer a few thousand over list price, and guarantee any appraisal gap coverage - meaning, if you offer $3,000 over list price and it doesn't appraise, you will pay up to $3,000 over the appraised value, not to exceed the contract price. You'd be surprised at how often that works, and the home does appraise.

Ultimately, a home is in high demand because it's a great investment. You don't want to buy a home that's been on the market for three months and there's no demand for it, because when it's your turn to sell, you might have a problem.

If you have any other questions about today's topic, or about real estate in general, please give me a call or send me an email. I'd love to hear from you.

What Are the Benefits of Working with a Real Estate Team?

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When you work with a team of real estate professionals, one of the first advantages you get is flexibility. Instead of waiting for one agent's time to open up, you have multiple people to rely on.
 
The second advantage that you receive is that you get a collaborative team that can accomplish more and in a shorter time period. We all specialize in something different, so this also allows us to accomplish things with a higher level of quality.
 

Working with a team will also prevent burn out between you and a solo agent. With a team, you're not always seeing the same faces, you're working and interacting with someone different.
 
The best part about working with a team is that you pay the same price as you would to a single agent. Why not get 10 agents for the price of one?
 
As always, if you need any assistance when you're buying or selling in Rochester, please don't hesitate to contact me!

How to Obtain the Best Mortgage Rate

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Want to buy a Rochester Area Home? Search all homes for sale.

Welcome back to our blog. A lot of people have bought homes lately in Rochester, and buyers are taking advantage of historically low interest rates. In order to get the best interest rate from a mortgage company, you need to understand all the factors that go into determining the type of loan you qualify for. There are three basic pillars that determine your eligibility for a mortgage: your credit, your income, and your collateral. 

I would say credit is the most important, because most banks have a tier system to determine your rate based on your score. If you have a credit score of 740 or higher, that's exactly what you need to get the best rate. Credit can be quite difficult to understand, but as long as you remember to keep your credit card balance down and always have some kind of credit (like an auto loan or mortgage). 

As far as income is concerned, you need to have been in the same line of work for 2 years prior to getting pre-approved. 

For collateral, your down payment minimum on a conventional loan is 5%. However, the more you put down now, the less you'll have to pay in interest down the road. 

If you've got a good credit score, 2 years on the job, and are able to put 5% down on a home, you're going to get a great rate. If you have any questions for us, feel free to give us a call or send us an email. We look forward to hearing from you!