I’ll admit, I was ill prepared going into buying a house for the first time. We spent a lot of time thinking about cities we were interested in and our must have house features, but finance? I’d only really skimmed the surface. I knew what our lender would approve us for, but hadn’t thought enough about the practicality of what we wanted to be spending
The offer you might have to go up to in order to win the bid in today’s market could have some unexpected added costs. Right now, 2/3 of offers are in competition with others. More buyers are buying in all cash. Those who can’t take that approach are taking all sorts of steps to try to make themselves standout, including waiving things like appraisal and inspection contingencies. These risky moves might get you the home, but at what cost to you?
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