Tips for Buying in a Hot Market
Tips for Buying in a "sellers" Market

Increase your chances of getting your dream house instead of losing it to another buyer, with these easy steps.

Get prequalified for a mortgage. Have your preapproval letter with you.
You'll be able to make a firm commitment to buy and make your offer more desirable to the seller.

Be ready to make a quick decision or be ready to relook at homes the same day.  Try to look at as many homes at one time.  And be ready to put in your offer after looking.  Bring your check book for the earnest money deposit.

 Stay in close touch with your real estate agent to find out about new listings that come on the market. Have your agent run a new search every day for new listings.  And be ready to go see a house as soon as it goes on the market.

Scout out new listings yourself as often as possible. Look at Internet sites, newspaper ads, and drive by the neighborhood frequently. Maybe you'll see a brand-new "for sale" sign before anyone else.

Make your earnest money deposit as big as possible to show real interest. 

Be ready to make a decision. Spend lots of time in advance deciding what you must have so you won't be unsure when you have the chance to make an offer.

Bid competitively. You may not want to start out offering the absolute highest price you can afford, but don't try to go too low to get a deal. In a tight market, you'll lose out.

Make your offer as enticing as possible.  Cash deals will be more attractive.  More money down will be more attractive than 100% borrowers.  Have your mortgage person call the selling agent right away and allow your mortgage person to tell how good your scores are and how good of a borrower you are.

Keep contingencies to a minimum. Restrictions such as needing to sell your home before you move or wanting to delay the closing until a certain date can make your offer unappealing. In a tight market, you'll probably be able to sell your house rapidly. Or talk to your lender about getting a bridge loan to cover both mortgages for a short period.

Don't get caught in a buying frenzy. Just because there's competition doesn't mean you should just buy anything. And even though you want to make your offer attractive, don't neglect inspections that help ensure that your house is sound.

This will help you land that "hot" Oakland county home, Wayne county home, or Livingston county home before anybody else.