How to win a bidding war

    Successfully buying a home is tough when you’re competing against multiple offers, but it’s not impossible when you have the right strategy.

    In certain cities and at certain price points, there aren’t many homes for sale: this means that when a home does come on the market at the right price, a lot of people will be vying for it. Writing the most competitive offer will require preparedness, creativity, and compromise. Here are ten tried-and-true tips:

    1. Select the right agent.

      Your real estate agent will be your guide as you navigate the often-stressful offer process. Find someone who has experience in multiple-offer situations, whose judgment and advice you trust, and who can explain things to you clearly at every step of the way.

    2. Get pre-approved for a mortgage loan.

      This is an important step for a buyer in any situation, but it’s even more critical if you’re expecting a bidding war so you can show the seller you can actually afford to buy the home. Your agent can help you find a reputable local lender who is known and trusted.

    3. Know the market.

      Find out if homes comparable to the ones you’re interested in have sold for their list price or for more. How much more? How quickly are they selling? Are most sellers using an offer deadline? Work with your agent to answer these questions before you find a home you want to purchase so you understand what you’ll be getting into.

    4. Offer more than list price.

      This is where your market research will come in handy. In a hot market, a seller might scoff at being offered the list price for their home if comparable homes have been selling for 25 percent above list. Offer to pay what you think is a fair price based on the research you and your agent have done.

    Our experienced agents can help you win in a multiple offer situation. Contact us today at 586-685-1343 or email Team@LipinskiTeam.com

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