Stuck in a Bidding War? 3 Ways to Win Without Busting Through Your Mortgage Approval Amount
Are you making an offer on a new home in a hot housing market? If so, one possibility is that you are going to end up bidding against other buyers who are looking to buy the same home. Unfortunately, in some cases bidding wars are inevitable, and they can be a significant source of stress. Let’s take a look at three ways that you can win a bidding war without having to spend more than you can afford.
Price Is Important, But It’s Not Everything
The first consideration to keep in mind is that price is important, but it isn’t the sole consideration that sellers make when deciding which offer to choose. In fact, for many home sellers, the price is secondary to a variety of other factors.
For example, consider whether or not the sellers need to close quickly. Perhaps they are moving to a new city, or have already bought a new house and are looking to get out of their old one. If you have your mortgage financing pre-approved and your paperwork in order, you can promise a shorter close than other buyers may be able to provide.
Have A Face-To-Face Conversation With The Listing Agent
It’s worth investing the time in a sit-down chat with the seller’s real estate agent to find out what their motivations are. Are they selling for the money, are they moving, are they under pressure or just getting rid of the house to make an upgrade? All are factors that you can use to your advantage in a bidding war.
Another great tip: be sure to find out where the sellers plan to live once they sell their home. If they want to stay in the house, you may be able to buy it and lease it back to them. That’s a difficult offer to refuse.
Be Flexible, But Be Firm
Finally, keep in mind that you will need to be flexible to win a bidding war, but you should remain firm. Don’t bend your offer or terms too much. If you table a great offer and still lose the bidding war, that’s life. You can move on and find another great home to live in.
If you are in a hot real estate market, it’s a good idea to mentally prepare for a bidding war when you submit an offer on a new home. For more insight or to find out how much mortgage financing you qualify for, contact us today. Our professional mortgage team will be happy to meet with you and show you how you can purchase your dream house or condo.
Southwest Florida Homes for Sale Posts:
- Naples Florida is the Best Place to Live on the Gulf Cost If you're looking for a great place to live, you should definitely consider Naples, Florida. With its gorgeous beaches, amazing weather, and vibrant culture, Naples…
- Getting Your Offer Accepted Into the Florida contract to purchase еstatе that iÑ• genuine is exactly what is called the dáte matrix. A whole lot is had by thiÑ•…
- Why an Offer Might be Rejected... Why Don’t the Sellers Like my Offer? The first thing to understand about an offer is that there are many, many components to an offer.…
- Fun Things to Do in Fort Myers, Florida Fun Things to Do in Fort Myers Florida: A Guide for First Time Visitors Fort Myers Florida is a great place to visit and to…
- Spring Home Buying Season Will Be Hot Exciting News for Spring Homebuyers: Buyer Activity is on the RiseSpring is officially here, and the housing market is beginning to show signs of increased…
- Benefits of Using a Real Estate Agent or Realtor at… Benefits of Using a Real Estate Agent Realtors Have Great Negotiating skills Not everyone is an expert negotiator, but luckily your agent is and they…
Leave A Comment
You must be logged in to post a comment.