Basic tips for buyers

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Holly Worthington, who chaired a committee on multiple-offer buying situations for the Greater Capital Area Association of Realtors in 2005 and then co-wrote a guide and taught a course on how to handle multiple offers, shared these tips for buyers caught in a bidding war:

●Put down a large earnest money deposit. “I see earnest money deposits as high as 20 percent of the purchase price,” she said.

●Write a compelling letter about why you want the property. Include how you plan to use the home and why it means something to you.

●Have your financing in order. If you are getting gift money, have it already in your bank account.

●Use a good real estate agent and a lender with a good reputation.

Marshall Park, Redfin’s D.C. market manager, also recommends considering a general contingency clause in the District. This contingency allows a buyer to have a home inspection for informational purposes and the right to void the contract, but doesn’t require the seller to make repairs. He also suggests shortening the contingency deadlines.

— Kathy Orton

Source: http://www.washingtonpost.com/realestate/basic-tips-for-buyers/2012/08/09/dcc9cd36-dc0e-11e1-9974-5c975ae4810f_story.html

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