Ask any experienced homeowner and you’ll learn that buying in a ‘hot’ real estate market can be challenging. A high supply of buyers competing for a low stock of available homes is a combination that can lead to bidding wars, price inflation and other headaches. The good news: with some careful preparation and the right mindset, a bidding war is one that you can win. Read on to learn how you can beat out other bidders by making an irresistible offer.
Use Strong Representation to Help You Win the bid
Answer this question honestly: are you an experienced negotiator? Unless you have made a career out of buying and selling homes, you may find that your skills are lacking. The middle of a bidding war is a poor time to have this realization, so it’s best to start the process with strong professional representation. Invest the time in securing the services of an experienced real estate agent who has a history of successful home purchases and happy clients. For extra assurance, ask them for recent testimonials so you can hear how they helped other buyers. With the right people in your corner, you can position yourself to win the bidding war!
Win the Bidding War by Having Your Mortgage Pre-Approval
Now that you have a good real estate agent on your side, you’ll want to move to the next step: meeting with a mortgage lender. You want to secure pre-approval for your mortgage financing. By doing so, you show the seller that you are both prepared and serious about buying their home. Gather up recent financial information like pay stubs, tax returns and bank statements before meeting with a mortgage professional. Preparation makes the approval process a bit easier.
Have The Appraisal And Inspection Team Ready
Once you have found your dream home, you will need to move quickly to have it appraised and inspected. As with your other professionals, it’s best to pre-book these companies ahead of time so they’re ready to go. Ask your friends and family for referrals now so you can chat with potential appraisers and inspectors.
Be Serious About A Quick Closing Process
Finally, you want to make clear to the seller that you are ready, willing and able to close quickly. Every home seller is interested in a fast, efficient close so they can move on. Pushing the pace a bit will demonstrate that you’re not going to reverse course.
When you are ready to buy your dream home, I am ready to help. Contact me today and we’ll share how we have helped other locals buy some amazing properties. We look forward to meeting you!
