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Tips on Winning the Bidding War

Tips on Winning the Bidding War

When you have found the perfect house that you wish to be called your “home” the very last thing you may want is to compete with many other potential home buyers. However, bidding wars especially in the real estate markets are becoming a clearer reality today more than ever.

So, what do you really need to learn in order to stand the perfect chance of signing the “sold” line? Winning the bidding wars tend to be a roll of the dice, but you better read on to discover the following real deal and tips on winning the bidding war before you enter multiple-bid trenches:

Choose the Best Real Estate Agent or Realtor

Having a realtor who certainly has in his mind your best interest is one of the keys to winning bidding wars. Your task as a buyer is not really to seal a deal. It is your agent or realtor’s job to know your limits and respect it. If you’re real estate agent attempts to sell you on a price and tries to encourage you to somehow go beyond your available budget, then you better find a new agent or realtor.

Do your Homework

Buying any particular property can be one of the most costly decisions most individuals will make in their lifetime therefore allocating enough time to research and learn more about the neighborhood is vital. There must be great emphasis on house inspections. The same amount of care must also be spent in searching for parks, medical offices, transportation links, local schools and even crime rates, senior programs, day cares, future housing developments and more.

Crunch the Numbers

Another important element on winning the bidding war is to get pre-approved by your bank or your mortgage company. This is a means to know exactly what you can actually carry and figure out how high you can possibly go on your offer.

Be Mindful about the Timing

By beating out weekend or month end competition, you may not have to enter bidding wars. There is actually no law stating that you cannot make offers prior to the official offer date and a good real estate agent must send you properties the moment they are available especially before these properties go public.

Make Sure to Keep your Offers Clean

Obviously, not all is after more dollars when selling their homes. There are successful offers that are not even the highest but these were said to be the cleanest. Clean offers combined with pre-approved financing most especially in multiple offers scenarios show sellers that you’re serious. Conditional offers and sales which are contingent on financing do not just fly when other offers are laid on the table.

There are many things to learn when it comes to bidding and buying process. Bidding wars are definitely here to stay but if you follow the tip given above, there is no doubt that you will win these wars and can help you secure your real estate property. These tips are designed to help so that bidding and even selling will become smooth process all throughout.

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