What can VA buyers do to have an increased advantage over other buyers in a competitive market?
Below are three seller’s market tips for VA buyers to help leverage their chances of getting their offers accepted.
Tip #1: Get Pre-Approved First
Pre-approval gives VA eligible buyers an elevated status and standing with sellers.
Essentially, a pre-approved buyer makes a strong offer backed by a lender who’s ready to move forward with financing quickly.
Often times, buyers think they can afford a certain amount only to find out they aren’t pre-approved for the purchase price. In doing so, a seller may feel that they missed out on other credible offers.
Pre-approved VA buyers know their buying power and are able to make offers to a seller with complete confidence.
Tip #2: Make Your Best Offer
A VA home loan gives veterans the opportunity to buy a home with no down payment. That’s an important benefit in a seller’s market. Why? Because agents often advise making an offer at the seller’s list price or higher.
A big advantage for VA home buyers in a seller’s market is the Hawaii VA Loans’ Kokua Credits program.
Kokua Credits pays for closing costs via real estate agent and lender credit. Therefore, any extra money the buyer saved to cover closing costs or make a down payment could potentially increase their offer in a competitive market.
Tip #3: Film a Video or Write a Letter to the Seller
The year 2020 has been a challenging one. Social-distancing, remote working, stay-at-home orders, and mask wearing due to the coronavirus eliminates the daily connections we would normally make within our community.
It’s hard to know if someone is smiling under their mask, right?!
People miss those connections tremendously, so when it comes to home buying, why not attempt to make it more personal? VA buyers should consider reaching out to sellers via video-making or letter writing to share backstories, thoughts, and desires when it comes to purchasing the seller’s home. Now more than ever, this home buying strategy may be just what the doctor ordered (along with hand sanitizer)!
Remember these three seller’s market tips for VA buyers when you go to make your offer! Your Hawaii real estate agent has more strategies and tips to share, so trust in their expertise as well.
Let’s get you that Hawaii home you’ve always wanted!