Buying a home isn’t for the faint of heart, especially if that home is located in a prime location.
Below, we discuss seven tips to help you avoid a bidding war if there are several buyers also interested in purchasing your dream home.
1. Understand And Stick To Your Budget
Before heading out to begin searching for your dream home, sit down and do some number-crunching. It’s important you have a clear idea of how much mortgage you can afford and how your monthly mortgage payment impacts other expenses like buying food, paying for tuition, etc.
2. Get Pre-Approved
Go to your lender and secure pre-approval for a mortgage before you begin house hunting. This gives you an amount the bank is willing to give you, so you know how much house you can afford.
3. Gain The Seller’s Favor
Make a great first offer to the seller. This puts you in a favorable light and often makes the seller choose your offer above others.
4. Show Flexibility
Often times, sellers will have non-monetary requests that, if you agree to, can make the difference between winning the bidding war and losing it. A common request is a flexibility on the closing date.
5. Don’t Place Too Many Conditions On The Seller
Buyers often include conditions in their offer. Common ones center around financing and the home inspection
6. Move Fast
In hot markets, it’s not uncommon for homes to sell the same day they are listed. If you find a home you like, move fast or someone else will.
7. Look To Buy During Slow Months
Even when the market is booming, there are months when the market is slow. During these times, you’ll experience less competition for your dream home.
Emma Co Personal Real Estate Corp | Macdonald Realty
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