Bidding Competition? LET THE ODDS BE IN YOUR FAVOR!

What does the determined home buyer do when there are few houses available for sale but scads of buyers interested in purchasing?   PREPARE!  The real estate market is very competitive at this time and the smart buyer needs an edge to assure the home search ends successfully.

DO THE RESEARCH

Before you start touring homes in person it is more important than ever to know exactly what you are looking for.  Make sure you are falling in love with the right house for the right reasons.

Online you can research what house styles draw you, neighborhood amenities you like, and of course, gain insight into current house prices.

Consider the choices available based on how you want to live:

• Love cooking outside? A deck or patio would be a priority
• Is entertaining a priority? Open concept floor plan might work best for you
• Does family visit from out of town often? A guest suite should be on the short list
• If there are school age children you may want to know more about the school district
• What about your time and route commuting to work?
• Do you prefer a specific style such as a ranch or two story house?
• How necessary is a garage? Would a carport do just as well?

Everyone has different tastes and answering these kinds of questions help you narrow your search parameters based on your personal preferences.

TIME TO HUNT

A hunter determined to bring home a prize deer would never think of heading off without first checking to ensure their weapon functions properly, pack plenty of ammunition and have the necessary equipment readily available to successfully bring the prize home.

In this competitive marketplace the buyer must also make preparations before heading off on their hunt!  Sellers are receiving multiple offers, but not every offer is a serious contender.  Weak offers are those that include contingencies for financing or the need to sell another property before closing.

WIN THE BID

Overcome the competition, make the seller glad to receive your offer to purchase and win the bid for your dream home by showing the current home owner you are a serious buyer ready and fully able to close the transaction without a hitch.

• Include a lender letter of full approval that tells the seller you have no financial barriers
• Paying cash? Include a letter from the bank verifying you have the funds at the ready
• If you have a home that must sell, seek a bridge loan or sell yours before writing any offers
• Include a personal appeal telling the seller why their house is the house for you

The easier you can make it for the seller to accept your offer the better chance you have of winning out over multiple bids received.  This doesn’t mean you leave yourself open to risk however.  There should be provision in the agreement for a home inspection and opportunity to examine seller disclosures as well as any HOA requirements that are included with the sale.  Your Montclair New Jersey marketing specialist will help you take each step with confidence for a happy ending to your house hunting experience.