Have a Game Plan
When you find a home you want to make your own, it’s best to have a game plan for making the offer. While price is a huge factor for the seller, there are many other elements which may impact their decision to accept your bid. However, if you find yourself getting caught up in a bidding war, there are a few ways to tip the scales to your advantage.
Offer full listing price: I get it… no one wants to pay full price. We would like to believe we’re getting an amazing bargain. However, while paying listing price (or more) may seem less than ideal, you must weigh the cost of spending a little more vs losing the contract and having to continue your home search.
Time is valuable: No one likes to be rushed. So if at all possible, give the seller some leeway on the closing date. Just a little extra time could have a big impact on how flexible they will be to work with you.
Don’t go overboard: If your offer is already on the low side, don’t ask the seller for everything under the sun. If you need help with out of pocket expenses like closing costs, then make sure your offer is high enough to reasonably reflect this concession.
Taking a common sense approach and not getting caught up in what can be an emotionally charged time, can alleviate frustration for buyers and sellers alike and result in a more agreeable (and productive) home buying experience.
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