BUT DAMN #226 MY DREAM HOUSE - SNATCHED AWAY FROM ME!

FOUND IT, MADE AN OFFER,

BUT DAMN... I GOT OUT BID!!!

With all the properties on the market at nose-diving prices, you would think that you could have what you want, when and how you want it. But you, Dorothy and Toto aren't in Kansas any more.

You earnest buyers are butting heads with left over schemers, deceivers and dream weavers. Like pulling trout from a well stocked artificial lake, they're trying to get over, convincing sellers that their purchase bid is the Holy Grail.

Good intentioned buyer, "BACK THAT THANG UP." Approach the seller with a back-up offer in case the first one doesn't fly. "Stuff" happens, and a lot of these wannabe land barons are still thinkin' they can get the same great rates and loan programs, and that lenders are still throwing around a lotta' love.

Well, that's not the case. Major lenders have become stricter, secondary market loans have dried up, and people on their third or fourth refi are now in foreclosure. Two and a half years ago it was find it, fund, it flip it. Well, that train has left the station.

That said, don't feel you have to go "all in" and raise your original offer to meet or beat the offer on the table. Go with your gut and make your first offer (as long as it's not too outrageous), even if you get out bid.

When the first buyer drops off, you're ready to go in and looking good! Here are some tips:

1) A pre-approval letter from your lender (gives seller a sense of security).
2) Have your lender ready, willing and ABLE.
3) Have a Backup lender in case the first one messes up your deal. (Don't tell your first lender).
4) Be ready to pull the trigger on that earnest money.
5) If you can close within 30 days, put it in your backup offer.
6) Make the seller think your speed and loan ease are more important than an over inflated money offer.

7) Make sure you can remove your offer at any time before becoming the primary offer - in case you find another dream house.