Win The Bidding War For Your Dream Home
There is a certain feeling that cannot be described once a homebuyer decides to sign the contract to their dream home that they have been pursuing for quite some time. While most people don’t like to waste much time and choose between a few properties that they have seen within limited time, they end up settling down for a household because of lack of time or possibly because they could consider reselling the property down the line. While others would like choose exactly the dream home that they want, it is a difficult task to find everything that you want within a property.
Many people would be hunting for a house and notice that there is a certain property that has been on the market for a long time without any offers. Noticing the price, you would figure out that it is overpriced and that is the reason why, but you tell yourself that it isn’t worth losing to go and see the property for yourself and you end up loving the location more than you would imagine. You tell yourself that you can probably get a great deal on the property since the owner could be desperate for an offer since the property has been on the market for a long time. You end up bringing out your checkbook and writing the deposit money that is needed and having to sign the purchase contract so you can finalize the deal just to understand that there is someone else who finished the deal before you and after such an experience you might not look at another property the same again, having to always compare it to the “one that got away”.
You will automatically assume that it is the owners fault for still accepting offers and feeding potential buyers false hope, but it typically happens with the industry when there is a property that has been neglected for a long period of time so there can be last-minute offers behind each other. Just remember it was a good idea to write the offer anyways because you don’t know if you were the first to offer or last to offer and someone will be getting the property in the end anyways. Here are some hints and tips that can assist you to getting the first class seat in the eyes of the owner to be able to have the deal finalized.
Submit A Large Amount Towards The Deposit
Having to present a large amount towards the deposit of your dream home can help your chances to finishing the deal and having the owner ignore any other offers that may be presented within time. You don’t have to save up and give extra, because in the end it is considered a deposit and you are paying for your future household as well so it would be better for you and your chances to have your deposit payment work in your advantage. Other than gaining the interest of the owner, it also shows the seller that you are serious about closing the deal and it will increase your chances when the amount is more than the average offer presented in the past.
Show The Seller That You Are Committed
Whenever you are willing to present an offer, once it is accompanied by a letter by a lender, which is presented with a pre-approval letter that will make you stand out from the rest of the competition and having you stand in better chances with the seller.
Give The Seller Time To Move Their Belongings
Not all properties that are put on the market are listed as unfurnished or have been fully cleaned or had all the furniture moved out, so if you are patient with the owner and their belongings and having them move out their stuff, not that it will be a major factor but it will definably be something appreciated and respected for certain sellers to have a good relationship with their potential buyer of the property. Offer to cut them some slack because having to sell their property isn’t an easy task as well, give them a few days that they can move their personal items after closing without having to look for any expected benefit or compensation in return.
Consider The Competition And Write The Best Offer That You Can Provide
Don’t hope to get the best for negotiation agreements in a market for sellers. You should consider to offer the highest price that you can afford and sacrifice for your future household, just in case that the offer does get rejected, you can live with the fact that you tried your best anyways. People who hesitate with giving the best offer, they would end up selling themselves short and giving the attention of the seller to another potential buyer and offer. You should ask your agent for a comparative market analysis (CMA) to determine the best price to offer the seller without having the need that you made the wrong decision. Remember that there is competition for a popular household that is on the market, so you should understand that only the winning offer will win in a situation where there are many offers that can be presented.
In conclusion, you should understand that most sellers have an emotional attachment towards their homes, so let them fall in love with you like they did with their property so they can feel like they are leaving their “home full of memories” towards someone willing to take care of it. You can write the best offer in the world, with the assistance of your real estate agent to advise the seller to accept your offer making it the best among the many offers that were presented throughout the process. You would be amazed to know what good manners and ethics might bring you as well, offering certain help towards the seller and telling your agent to be able to pursue a friendly relationship with the agent of the seller as well to keep everything at good terms because there are times when agents can reject certain offers just for how they feel for the agent across the table.