April 20th, 2012 3:05 PM by Eileen Denhard
First and foremost, it is so important for a buyer to have a pre-approval or approval letter prior to previewing homes. You may ask why. When a seller receives an offer, they want to make sure the offer is from a qualified buyer. It could take 24-48 hours to obtain a pre-approval and longer if your lender actually provides an approval letter. In the time that it could take to obtain a pre-approval, the house quite possibly could have an accepted offer.
With low inventory in 2012, we are seeing homes that are priced comparably will receive multiple offers and some offers above list price. Currently the statistics show that some of the Southeastern Michigan neighborhoods are selling at 98% of list price.
There are only a few reasons why a house isn’t selling:
Third, in general with multiple offer situations, the winning offer has the following: