Here are our tips to get your offer accepted in a very competitive bidding situation. Number one is get pre-approved for a mortgage. Not just pre-qualified, but fully underwritten upfront from your lender. This will allow you to write the offer, maybe as good as cash, or with a very short loan approval period. Those terms are really gonna stand out and could help you push your offer to the front of a line, even if you're not necessarily the highest offer.
Number two is be ready to make a decision and pounce on the right house when it comes available. You have to know your must haves and your wants, you have to know exactly where you wanna be. Homes today, they're not sitting on the market long so if you know exactly what you want and you're pre-approved you can write the offer, right when that property hits the market and you don't have to wait around, and you can make sure you are getting your dream home when you find it.
Tip number three, come in with a strong offer. Don't come in with a low ball offer when you know there's gonna be multiple offers, the seller's very unlikely to give you a counter. Come in with a very strong offer first, maybe not necessarily your absolute best offer but come in with a strong offer, with strong terms that are competitive to what everyone else is doing in that market.
Tip number four, keep contingencies to a minimum. If you have a house to sell or there's other contingencies that you have to have make sure you put the contingencies in there if you need them, but the more contingencies you put in the offer, the less appealing it looks to the seller, so keep your contingencies to a minimum.
The last tip is don't get carried away and overbid for a property. Sure, the market today is crazy competitive but you have to know your limits on where you can afford, and what you're willing to pay. Come in with a strong competitive offer but don't cross the line. At the end of the day, you still have to afford your mortgage payments so it's extremely important to know where you can draw the line and where you're gonna walk away during negotiations. As always if you have any questions about the home buying process give us a call, shoot us a text, or send us an email.Posted by Andy Mandel on