Buying a Home in a Competitive Market: Strategies for Success

Home Blog Buying a Home in a Competitive Market: Strategies for Success

Posted On: July 29, 2024 by Peoples Bank of Kankakee County in: Family Mortgages

Navigating the process of buying a home in a competitive market can be challenging, but with the right strategies, you can secure your dream home.

Here are some tips to help you succeed:

Get Pre-Approved for a Mortgage

One of the most critical steps in buying a home in a competitive market is to get pre-approved for a mortgage. This shows sellers that you are a serious buyer and have the financial backing to make an offer. Peoples Bank offers a streamlined pre-approval process, providing you with a pre-approval letter that strengthens your position in negotiations.

Work with a Skilled Real Estate Agent

Partnering with an experienced real estate agent is essential in a competitive market. A skilled agent will have in-depth knowledge of the local market, access to the latest listings, and the ability to negotiate effectively on your behalf. They can help you identify the right properties quickly and guide you through the bidding process.

Be Ready to Act Fast

In a competitive market, desirable homes can receive multiple offers within days of being listed. Be prepared to act fast when you find a home that meets your criteria. This means having your finances in order, being available for showings, and being ready to make an offer promptly.

Make a Strong Offer

To stand out in a competitive market, you may need to make a strong offer. This doesn't necessarily mean offering the highest price but rather crafting an offer that is attractive to the seller. Consider factors such as flexibility with the closing date, minimal contingencies, and a substantial earnest money deposit.

Write a Personal Letter

Including a personal letter with your offer can help create an emotional connection with the seller. Share why you love the home and how you envision your life there. This personal touch can sometimes sway sellers in your favor, especially if they have multiple similar offers.

The Financial Side of Buying a Home: Ensuring a Smooth Transaction with Peoples Bank

Buying a home involves several financial steps, from securing a mortgage to managing closing costs. At Peoples Bank, we offer comprehensive financial services to ensure a smooth home-buying process. Our mortgage specialists can guide you through the different loan options, helping you choose the one that best fits your financial situation. We also provide assistance with down payment programs and closing cost estimates, ensuring you are well-prepared for all expenses. Additionally, our secure online banking and mobile app allow you to manage your finances conveniently, keeping everything on track as you move forward with your purchase.

Trust Peoples Bank to be your financial partner, providing the support and expertise you need to successfully buy your home in a competitive market.

An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways:

We have standard overdraft practices that are available after your account has been open for 30 days and as long as you maintain your account in good standing.
We also offer an overdraft protection plan, Overdraft Protection Sweep, a link to a savings account. It may be less expensive than our standard overdraft practices. To learn more, ask us about this plan.

This notice explains our standard overdraft practices.

What are the standard overdraft practices that come with my account?

After your account has been open for 30 days and as long as you maintain your account in good standing, we do authorize and pay overdrafts for the following types of transactions:

Checks and other transactions made using your checking account number
Automatic bill payments

We do not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):

ATM transactions
Everyday debit card transactions

We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.

If we do not authorize and pay an overdraft, your transaction will be declined.

What fees will I be charged if Peoples Bank of Kankakee County pays my overdraft?

Under our standard overdraft practices:

We will charge you a fee of up to $30 each time we pay an overdraft.
The maximum daily overdraft fee per presentment or item paid using the Overdraft Reserve Program is $150.00 per day.
No per item handling fee will be charged on de minimis overdrafts. De minimis overdraft for this policy means transactions that overdraw your account by $30 or less.
There is an overdraft fee of $5 per day that will be charged beginning the 4th consecutive business day your account is overdrawn.

Nonsufficient funds (NSF) fees - if an item drafted by you (such as a check) or a transaction you set up (such as a preauthorized transfer) is presented for payment in an amount that is more than the amount of money in your account and we decide not to pay the item or transaction, you agree that we can charge you an NSF fee for returning the payment. Be aware that such an item or payment may be presented multiple times by the merchant or other payee until it is paid, and that we do not monitor or control the number of times a transaction is presented for payment. You agree that we may charge you an NSF fee each time a payment is presented if the amount of money in your account is not sufficient to cover the payment, regardless of the number of times the payment is presented.

PAYMENT ORDER OF ITEMS - The law permits us to pay items drawn on your account in any order (for purposes of this section "items" means checks, orders and electronic transactions). To assist you in handling your account with us, we are providing you with the following information regarding how we process those items. When processing checks and orders drawn on your account our policy is to pay lower numbered checks and orders in numerical sequence, but electronic transactions are paid first in the order received. The order in which items are paid is important if there is not enough money in your account to pay all of the items that are presented. There is no policy that is favorable in every instance. If the smallest items are paid first, you may have fewer NSF or overdraft fees, but the largest, and perhaps more important items (such as rent or mortgage payments) might not be paid. However, if the largest items are paid first, your most important items might be paid but it may increase the overdraft or NSF fees if funds are not available to pay all of the items. We think our policy attains a reasonable balance between minimizing additional costs to you and paying your more important items. We encourage you to make careful records and practice good account management. This will help you to avoid creating items without sufficient funds and incurring the resulting fees.

What if I want Peoples Bank of Kankakee County to authorize and pay overdrafts on my ATM and everyday debit card transactions?

If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions after your account has been open for 30 days, you may opt in.

You have an ongoing right to change this consent at any time. If your overdraft privilege has been revoked for any reason, the opt-in or opt-out selection may not apply. Please contact your nearest office for more information.

Alternate ways to Opt In/Out or make changes:

By Phone. Our Customer Care Representatives can be reached at 815-936-7600.
By Mail. Peoples Bank of Kankakee County, 333 E. Court Street, Kankakee, IL 60901
In Person. Please visit your local office and ask a representative to help you decide which plan is best for you.