Recommendations on How to Act Fast in Today's Market

[Shawn S.]

Hello BP community!

I have noticed that listings on the MLS in my area are going super quick. A lot of times they are under contract by the following day. Therefore, I know it is important to be able to act fast. What are some ways that a newbie investor, such as myself, can be competitive against other buyer's by acting fast? What are the prerequisites that allow a buyer to act fast?

Thanks in advance!

- Shawn

[Jonathan Greene]

You get your highest pre-approval and always use that, no matter what you are offering. You want sellers to know you can spend more on other properties and aren't at your max budget. You also want to have a one-sheet on you as an investor so they have some background. You want to also have a proof of funds to go with your pre-approval. You are going up against cash buyers most of the time so you need to show you have more money (if you do) and the finance is a personal investment choice. You have to research the owners and see how you can connect in your offer letter, outside of what everyone else does. Make sure you are on daily alerts in your target areas and for back on market properties. If you are new, I would NOT suggest ever making offers with the listing agent. You need your own buyer's agent or you will get a lemon because the listing agent always has a first duty to the seller.