In a hot market, or just even if a property is priced well, many buyers will be attracted to the same listing. This causes the ever-dreaded, stress-inducing, frenzied situation known as the bidding war! Buyers hate them, sellers love them and they...
In a hot market, or just even if a property is priced well, many buyers will be attracted to the same listing. This causes the ever-dreaded, stress-inducing, frenzied situation known as the bidding war! Buyers hate them, sellers love them and they cause stress to everyone. Nobody wants to lose them, but there can only be one winner.
Preparation is key when entering a bidding war. You want to have all your ducks in a row in terms of what you will need to submit an offer. You will also need to be ready psychologically to often pay a much higher price than the asking price if you want to win. However, what is that magic number and how can you make an above-ask offer and still feel good? This is the topic we are tackling today.
A few items you will need to have ready in terms of preparation. You will need to have chosen your real estate attorney, have a pre-approval for a mortgage if you are financing ready-to-go, and have a financial statement prepared so a seller can understand your financial picture which can often help push you ahead of the pack.
Also, figure out the highest number you're willing to pay for the property and that if you lose the property at this number you won't regret it! Also, you won't regret it if you happen to get the property at that number too.
These are some of the tips you will learn from a good agent who is going to get you through the process.
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