Pre-Approved for a mortgage? Savvy Buyers will Shop Under Budget
Posted by Larry Tollen on
We have been experiencing constricted inventory for nearly three years here in the Research Triangle area and buyers are becoming increasingly anxious as mortgage rate increases are on their minds. Doing everything they can to win multiple offer situations from making sight unseen offers, waiving appraisal contingencies, making their offer "As-Is", and granting seller possessions after closing for free. Simply being truly "Pre-Approved" or offering cash is standard practice and expected. However none of these accomplish much if you are outbid. The best strategic advice for buyers in looking in the Chapel Hill, Durham and Raleigh NC area, is to shop below budget. Here are the reasons why.
Bidding Up
It can be very deflating news to read that you…
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