What’s all this talk about Bidding Wars?

What’s all this talk about Bidding Wars? How can you prepare to help get that home you want.

There has been real estate news that reports many home markets receiving multiple offers. The most common are for bargain-priced homes where home buyers are competing with investors.  

So how can you prepare to help you having the winning bid

Make a true offer. Be sure to research with your real estate professional the activity or the comparative market analysis. Present
an offer you are willing to pay and what the seller could accept. Lowball offers can be rejected with no counter and put you out. That winning bid may have been a price you were willing to pay.

Have Finances ready. Delaying your offer because you need to get the paperwork about your finances may cause you to be too late. If you need to get a mortgage, get Pre-Approved. Sellers need to know that you have the ability to get to close.

Know your Max. Many times offers are countered. Know the maximum you want to pay. And know it's ok to be the backup bid. Even if another bid has been accepted. A transaction can fall through in the final hours, which would allow you to step in.

 

Have a Buyer's Agent. A real estate professional working as a Buyer's Agent will be working on your, the Buyer's, best interest, not the sellers. Your agent has at their disposal the information for you to get informed and decide on offers.