LAKE HAVASU CITY PROPERTIES ON REAL ESTATE
How to Win a Bidding War without Paying the Highest Price
When
the demand for houses in a sizzling marketplace outweighs the supply of
houses available, many consumers think the highest offer is a sure-fire
way to claim ownership of their dream home. In today's fast-paced
market bidding for a house doesn't always require upping the stakes.
Accommodate
the seller. As a buyer, you have to be flexible and willing to
sacrifice a bit. Whether it's being willing to close one month earlier
or later, do your best to meet the seller's desired closing time.
Additionally, be willing to overlook the more minor and but
less-than-perfect characteristics of a given home because other
prospective buyers may not be able or willing to do so. "If the seller
is under pressure and wants the house sold quickly, they'll prefer to
work with the buyer that can accommodate them the most.
Prepare.
If you are willing to make the investment, then you must be a
qualified, solid, desirable buyer. Get a copy of your credit report and
settle any debts that may be outstanding. You'd be surprised how many
people get turned down for a loan because of an old debt they had
forgotten all about. Get pre-approved for loans and mortgages. The
seller wants and needs an ideal buyer, someone who is stable and ready
to make a commitment to the property.
Connect
with the seller. Create a rapport with the seller and let them know why
you prefer their house to others. Homeowners are emotionally connected
to their home, even when selling their home; they often feel tied to
the integrity of the house. Because the seller loves the house, they
are usually inclined to sell it to someone who will love it too.
Clean
up your act. Eliminating as many contingencies as possible will give
you an advantage when involved in a bidding war. If you have a home to
sell before purchasing, sell it first. Reducing uncertainty makes the
buyer more appealing to the seller and will create leverage for the
buyer.
Show them the money. Be
willing to increase the size of your deposit payment or make an all
cash offer. Sometimes the best way to win a bidding war and avoid
paying a higher price is to increase your down payment, sellers favor
strong buyers. If you can afford to make an all cash offer, do so
that's almost always a definite way to slam-dunk a sale.
Work
with the best in the biz. Be sure to choose a sales associate who has
an excellent reputation with other agents. Working with a sales
associate who is known in the industry for their professionalism,
credibility and honesty will always work in the buyer's favor.
For buying or selling real estate in Lake Havasu City, call Dean Baker Owner/Broker Lake Havasu City Properties, 16 years experience, over 600 homes sold in Lake Havasu.
Cell phone 928-486-3368or (888) 854-7210.