In today’s hot market, some sellers are lucky enough to having a bidding war on their house. For homebuyers, the best deal doesn’t always come with the lowest price. There is much give and take involved in negotiating a home purchase. Remember a good deal is mutually beneficial!
1. Study the Market
Since property values fluctuate, your real estate agent should do a comparative market analysis in your prospective buying area so you are aware of what the market trends are in this specific location. You will also want to know how long the property has been on the market and if any price reductions have occurred during this length of time.
Make sure your real estate agent is on the same page with you so he/she is able to properly represent you and your home buying specifics. If you have not yet selected a real estate agent my team and I would be happy to provide you with a list of real estate contacts that have a proven track record of success with our clientele.
2. One Chance to Make a First Impression
No two homes are the same. You truly may have only one chance at just the right home! I’ve seen buyers get into a bidding war and lose out on homes they really wanted, and I don’t want that to happen to you as a result of increasing prices and interest rates.
If you have to increase your offer to win the bid, remember that an extra $10,000 to your loan would only add around $50 per month on a fixed-rate, 30-year mortgage.* This is being provided as an example only.
3. Submit a Solid Offer
Sellers and real estate agents choose not only on the amount of the offer, but also which offer has the greatest probability of closing quickly and without a hassle. I can tell you that I will take every step that I can to make sure that you have the strongest possible offer to put forth when bidding for a new home.
Keep it simple and be direct, but above all, know that my team and I are here to assist you – bidding war or not. Call me anytime, I’m here to help!
This material is provided for information and educational purposes only. Although the material is deemed to be accurate and reliable, we do not make any representations as to its accuracy or completeness and as a result there is no guarantee it is without errors. 068i0000001vNAc