Well, we haven’t seen them in many years– however time and time again we have recently noticed that many of our fabulous clients are getting into bidding wars. This is an indication that the buyer demand is indeed getting stronger! For the last several years, all of you buyers have been sitting and waiting for the perfect time…well…not sure if it has come and gone but buyers are everywhere and ready to pounce!!
Here is the advice we can give!
1. Remember that this is an emotional purchase- and that you need to put the appropriate price on the home. Meaning it is worth something to you and your family and you don’t want to lose it over pennies. Put your best foot forward, meaning the price you offer is the BEST you are willing to pay, and that anything above that will make you feel fine if you don’t get it. This means that whichever other bidder gets it will in your mind be overpaying.
2. Have your attorney on standby and get an expedited attorney review process. We have seen many deals lost because while in “attorney review” another offer comes in and the deal moves that way. The house is not yours until contracts are signed on both sides!!
3. Have your home inspector ready to move in the next business day or so. This does not mean skimping on your home inspection, however waiting 7 days to figure that part out is unacceptable. Get your home inspector asap- preferably in the next business day, and don’t be petty!
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4. Put down as much as you can- or waive the mortgage contingency. When competing against all cash buyers, this is your way of getting in the game. However, please be confident that you can, indeed get the mortgage.
5. Be flexible on move in dates, closing dates and any other terms the seller might have.