5 Best Tips for Winning a House Bidding War
To compete in a bidding war,
buyers of homes for sale in South Tampa area need to prepare financially for
the home purchase. If you want to stand out from the rest of the competition,
you also need to familiarize with property values and you must know what you
really want. Here are some other tips on handling a bidding war:
1. Know that you are in a
bidding war
One sure way to win a
bidding war is to fully realize that you are in one. It is important to know
where you are shopping. If the area where you are buying is a hot market,
chances are, there’s going to be a bidding war. Make careful observations and
check how many people are at the open house. In addition to that, if you have
already made an offer and your real estate agent tells you there are higher
bids, you now know that you have competition.
2. Do your research
Before buying any real estate listings in South Tampa, make sure that you have done your research and
you are well-informed. The quicker you educate yourself about market values,
the more successful your home search will be. Knowing the average house value
in the area will give you an idea right away if an asking price is relatively
within the price range. This can give you a guide on how much to bid on a
specific home.
3. Make an offer that stands
out
If you want to have an edge
over other buyers of South Tampa waterfront homes for sale, avoid making a
lowball offer just to see if the seller will entertain your offer. When you
make a bid, go for a strong figure and make it a number that will stand out
from the rest of the competition. Since most offers will be in round numbers,
you can stand out by going to the highest number with a 1 or a 6 at the end of
it.
4. Pay with cash
You have to be prepared if
you are going against multiple offers. Experts agree that one of the best ways
to win in a bidding war is by paying with cash. However, not everyone can do
that. You may also increase the amount of down payment if you can’t pay with
cash. Don’t forget to get pre-approved so that the seller will know that you
are a serious buyer. If you are really keen on getting that particular home,
you can also offer to pay the seller’s closing costs.
5. Tighten up your timeline
Most sellers like to close
fast. If you are in a multiple offer scenario, it is best to make an offer with
few contingencies. That may mean forgoing repairs or added appliances and
features. Be quick about it. If you can
close quickly, that would be so much better. You can always ask for extension
if you run into some issue.
Follow these tips and get the house that you want. Visit
http://www.TampaTodayRealEstate.com today for more helpful tips on home selling
and home buying.
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