Guess what’s back in the real estate vocabulary for many neighborhoods and communities?
Not everywhere, and not in every price range, but for houses that are priced properly and in the right location, it’s war — or maybe just a semi-polite skirmish.
The hint that multiple offers are returning can be found in the numbers. If, as Prudential Fox & Roach associate broker Mark Wade pointed out, you are looking for anything under $200,000 in Old City Philadelphia, you are out of luck.
This is almost a guarantee of multiple bids if a $185,000 condo unit comes up for sale. Top advice for buyers in these situations: Unless you are paying cash, your offer must be accompanied by a preapproval letter from a lender for an amount higher than the asking price.
No seller is going to wait for you to shop for a mortgage if there are preapproved buyers in the competition already.
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