(847) 714-2866 lauren@lejlaw.com

Who could have predicted that at one moment our country and state would shut down due to a pandemic and shortly thereafter emerge into one of the hottest real estate markets in recent memory?  If you are a first-time homebuyer, a competitive housing market can seem daunting.  It may seem you have no time to think and poof, the house you like is off the market.  Welcome to your seller’s market.

The key to winning a bidding war is having the right tools, timing, and team all in place.  Then you too can realize the American dream of homeownership. 

Arguably one of the most important tools you have in a seller’s market is a mortgage pre-approval letter.  You can get this document from your loan officer.  He will require you submit all of your qualification documents and numbers ahead of making your offer.  This shows sellers you are ready to buy and serious about your offer.  Probably the strongest tool a buyer has is being able to say “all-cash,” but not many people have that luxury.

Another major factor that could help you win a bidding war is your real estate agent.  You will want an agent who knows the local real estate market.  Your real estate agent will help you come up with prices for your homes and they will help you find newly sold comparable properties that are listed.   Agents must be on top of their game in this seller’s market because once houses are listed, multiple offers are bound to come in and no one cares if it’s the weekend or midnight on a weekday.

Finally, once you do get a house under contract, that’s when I enter the transaction.  Once both parties sign the real estate contract you have five business days (excluding holidays and weekends) for the attorney review period. During this time, we try to negotiate issues with the property with the seller; however, in this market many sellers refuse to make many (if any) repairs because there is generally another backup offer waiting in the wings if you cancel. 

If you are fortunate enough to be able to buy a home right now, I would love to earn your business.  I am confident that our law practice is your best bet when dealing with real estate transaction problems.  Please contact us today to get started.