Winning That Bidding War and Obtaining Your Dream House
Do you want to buy a house this year? Ever heard of bidding wars? Along with you, there will be so many other buyers who will want the same house as you. According to a survey, there are almost 73% houses that draw in multiple bidders. Quite a huge number, is that not? So how do you make your offer stand out from the competition and motivate the seller to close the deal with you rather than other buyers? Read the following guidelines, they will help you to negotiate better and buy that house!
Avoid over negotiating
According to a qualified real estate agent, the trick to getting the house you want, is to avoid contingencies. Although you should negotiate, just do not do it enough to agitate the seller. This goes for both the price and the down payment. Also, do request for repairs to be made, but do not push the seller too much. If they are not being handled the way you want, comprise or go for another offer. Do not forget that repairs mean both money and time, and so many sellers might not be so keen to tending to them. Force them too much, and they will just look for another buyer, which they can actually find a aplenty.
Give the seller the best offer you can
Whenever there is tough competition, you can not afford to come in low. Do this, and you may never actually get a second chance. So not what you want, right? Give the seller a really good competitive price because if your offer is low, the seller is not going to be interested. While this may be difficult, see if you can put something above the asking price on the table. If you want the house quite enough, you will definitely have to try this method.
Be a little personal
There are times when personal feelings can do wonders when you bring them into the picture. In the end the seller is only human just like you, so use feelings and emotions to your advantage, which could compel the seller to close the deal with you. Tell the seller you would really want your kids to grow up in that house, your children would just love the gardens, or your spouse would be impressed by the size of the residence. Dong this all serves as an indication to the seller that you are very interested and would take care of the home when it's yours.
If you are lucky, the seller may actually choose your offer, especially if your offer is a good one.
Show your pre-approval letter
Let the seller know that the bank has already agreed to finance the deal for you. Show him a copy of your pre-approval certificate. This will ascertain the seller that he or she will probably not have to face any promises in terms of payments.
Offer an incentive
Try to offer an incentive to entice the seller. You could pay the fees for the insurance title or even pay a greater amount on the deposit.
Try the above suggestions, and you might just get that house your searching for. They certainly will not hurt your chances of locking in that dream house. Good luck on your journey to becoming a homeowner.