First-time buyers in a competitive market should get pre-approved, keep the appraisal contingency to protect against overpaying, focus on homes with solid fundamentals in good neighborhoods, and resist the temptation to waive protections just to win a bidding war.
FTB Tactics
- Pre-approval (shows seriousness)
- Keep appraisal contingency (protect yourself)
- Focus on fundamentals (good neighborhood, solid bones)
- Avoid bidding wars (stay within budget)
Patience pays off.
Appraisal Value
Appraisal contingency protects first-time buyers from overpaying.
Don't waive. Keep protection.
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