After weeks (or even months) of searching for a home, you’ve finally found the Perfect home. Unfortunately, you have excellent taste and there are other offers on the Property.
Sometimes Home Buyers wonder if it's even worth trying to compete with Multiple offers.
Well, with low inventory on the market, it is almost always a good idea to try. Here are 5 ways to Compete in a Bidding War.
No. 1- When making an Offer- Submit a Large Deposit. The deposit is part of your Down payment. By increasing it above normal limits, you are showing the seller your Serious about Buying the Home. It speaks volume.
No. 2 - Shorten or Waive Some Condtions. Always get a Home Inspection, but tighten the time period. Try to get a Pre-Inspection of the home if there is time prior to the offer.
No. 3- Talk to your Lender, If your loan is Solid, waive the Loan Approval Condition.
No 4- Meet the Sellers Closing date. Dont ask for extra Chattels or any Personal Items.
No 5 - Write Your Best Offer. Don't hope for negotiation. Ask your agent for a Comparative Market Analysis to determine pricing. Sometimes sellers deliberately set a price below the Comparable Sales in an effort to generate multiple offers, so paying a little extra doesn't necessarily mean you are paying over market value.
Just a word of Advice. If you are moving up and have a Home to Sell...Try to Sell Your Existing Home First. In a Bidding War, if your a First time buyer, Renter or Already Sold your home, you could have the advantage over a Buyer who still needs to Sell.
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