Winning the bidding war - Tips for buying your dream home
Winning the bidding war - Tips for buying your dream home
A bidding war occurs when multiple buyers are interested in the same property, and they compete by offering higher prices to win the home. I have been seeing more and more multiple offer situations in this market, so if you find yourself in one, here are some tips on how to navigate it:?
Before you start looking for a home, it's essential to determine your budget. This will help you avoid overbidding and getting into financial trouble down the line. Determine the maximum amount you are willing to pay for a property and stick to it.
Getting pre-approved is now a must for submitting offer. A pre-approval shows the seller that you are a serious buyer and that you have the financial means to purchase the property. If you don't have a pre-approval and are caught in a multiple offer situation, you are likely to lose out to someone who does.?
An experienced real estate agent will preemptively call the listing agent to make sure you write an attractive offer in the first place.?
In a bidding war, the seller may receive multiple offers, so it's essential to be flexible with your terms. For example, you may need to be open to negotiating the closing date or making concessions to the seller. Being flexible can make your offer more attractive to the seller and increase your chances of winning the bid.
A bidding war can be stressful, but it's important to stay calm and patient throughout the process. Avoid making impulsive decisions or getting caught up in the excitement of the moment. Instead, stick to your budget and make a strategic offer based on your financial situation and the local market conditions.
If you're planning on buying a home or selling in this current market, let me know and I can guide you on the best next steps!?
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Thinking of buying or selling this year??
I'm more than happy to sit down with you, answer?any questions, and help you plan for the?future.?
Let me?know if there is anything I?can do for you! Call or text me at
678-495-8250
Alice Lee?
Keller Williams, First Atlanta