Here are 5 tips to help you successfully navigate the PROPERTY BIDDING WAR.
[ 5 ] Know Your Buying Power
Getting pre-approved for a mortgage gives you an understanding of your budget. Note: most properties that end up in multiple offers are listed lower than their objective market value. Knowing how high you can comfortably go will give you confidence in the bidding process.
[ 4 ] Great Professionals Read Between The Lines
Working with an experienced Realtor will give you valuable insight and information about the property and current market conditions. Those who know their way around a negotiating table could extract how motivated the sellers are (such as if they already bought for example). Every detail discovered about the property and its sellers is a golden nugget in your favour.
A credible agent who is a good communicator will build trust and rapport with the listing agent on the other side. This is important for buyers because having an unorganised agent to represent you won’t give the listing agent or their clients confidence.
[ 3 ] Strong Flex Offer
Offer a competitive price, flexible closing date and minimal contingencies to make your offer more appealing to the sellers.
[ 2 ] The Heartfelt Letter
Writing a personal letter may pull on the emotional sides of the sellers, but it won’t close a $25,000 gap if you’ve come in too low.
[ 1 ] Put Your Wallet Away
Decide what your top end is BEFORE participating in a bidding war. That way you’ll never feel like you’ve overspent for the property in the event your offer is chosen. And you can walk away from homes you didn’t get feeling good about giving it your best.
As long as inventory is low, and buyer demand is high, there’s a chance you’ll find yourself in multiple offers.
So remember – Sometimes ‘not buying’ the property ends up being the right choice.
FATA REAL ESTATE GROUP
Success starts at home.
Email us today to learn about your buying and selling options: [email protected]
