Friday, October 23, 2020 / by Breanna Thornton
Winning a Bidding War
We are definitely in a seller’s market right now. This means there are often multitudes of buyers competing to buy one home. Where do you even begin in a situation like that?
1) GET PRE-APPROVED
Pre-approval is the process by which a lender shows a prospective buyer is in good standing to finance a mortgage. By being pre-approved, you show the seller that you are PREPARED. Having this upper hand is crucial before going into the buying process and will set you apart from other competitive offers. For more information on how to do this, click here.
2) KNOW WHAT YOU CAN AFFORD
If you sit down now and come up with a budget, you will know exactly the price range for a home you are looking for. You will be more prepared to keep up with expenses. This also allows you to maximize the down payment you want to make, which demonstrates you are a serious buyer to the seller.
3) MAKE YOUR BEST OFFER
To put it simply, if your offer is not competitive, it will not be considered. It’s important to take your budget into account, so put up an offer within your budget that is also appealing to the seller. If this means you have to look at a lower price range of homes, that is okay! You will still be able to find exactly what you are looking for with the help of a local real estate agent.
Image from homie.com
As always, prices in the market are different for every region. Real estate agents are full of tips for winning a bidding war. In addition, they will be able to help you get your dream home that fits within your budget. If you have any questions, please reach out! Happy Friday!
Header image from realtor.com