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Four Ways to Avoid Getting Outbid

 
Competition can be stiff when multiple offers are placed on a house or condo.
There are ways to get ahead in the bidding war that will help your offer be selected.
1. Be first
If you are not working with a buyer's agent, you should be. Make sure that the agent knows that you want to jump on any appropriate properties as soon as it becomes available. Also, put a tight deadline on your offer so the listing agent can't use it to solicit other offers from interested buyers.
2. Be pre-approved
Although you likely can't pay all cash, if you have an approval from a lender saying you'll qualify for the necessary loan, you'll be in a stronger position. Because lending standards have toughened, be prepared to make at least a 20% down payment. To prove you're serious about buying, offer the seller a substantial earnest-money deposit as well - up to 3% of the purchase price.
3. Be highest
Obviously, sellers want to the the highest price possible for their property, so a generous offer will trump an all-cash one. But ask your agent to do a comparative market analysis first so you don't pay more than ... more

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