On real estate

May has been a merry month for home sellers, with many properties drawing multiple offers soon after they hit the market.

If you are a buyer hoping to be the winning bid in a highly competitive market, try to avoid making these common mistakes when writing your purchase offer.

First, time is of the essence. If you see a property you absolutely fall in love with, don’t procrastinate.

The longer you wait to decide the more likely it becomes that other buyers will love the property too and you may wind up paying more or losing out altogether in a multiple offer situation.

If you have toured enough homes, you usually know when the right one comes along. Be ready to pounce and have all of your financial ducks in a row—bank statements or verification of down payment funds and a recent pre-approval letter.

Don’t furnish a preapproval letter from an obscure mortgage lender. Yes, you may have been shopping loans online and have a certificate from Rocket Mortgage, but most listing agents are uncomfortable with preapprovals from out of state lenders or unknown online entities.

Consider using a well-known local mortgage lender or bank for your initial letter of financial qualification. You can always switch after the offer is accepted. Don’t be afraid to prove you are qualified for more than your offer price- - you want to show financial strength, especially if competing with cash offers.

Avoid lowball bids, even if the property has been on the market awhile. Review comparable sales with your agent and make a reasonable offer. A lowball offer that isn’t backed up by math or comparable sales is disrespectful and could turn the seller off to continue negotiation.

With new listings, you may not have a chance to raise your offer if a better one comes in. Start strong and hope to eliminate any competition.

Don’t let well-meaning advisors sway your offer. You may have a tribe of close friends or family who will have opinions on the property, but trust your Realtor for market knowledge and experience. These voices in your ear haven’t seen the many other homes you have seen and don’t understand the dynamics of the market.

Sell yourself. Listing agents will try to determine not only who is the most

qualified, but also which buyer will be the easiest to deal with. If you are lucky enough to meet the listing agent at open house, introduce yourself to put a face behind the offer, but don’t ask a lot of nitpicky questions. Show some love for the property and write a personal letter to the seller.

Adriana Donofrio Podley Properties Glendora (626) 926-9700 • adrianad@podley.com