Winning Real Estate Bidding War.

By
Real Estate Broker/Owner with DMK Real Estate Ct RE Broker 0789963

Winning Real Estate Bidding War.

With for sale inventory down, prices rising and the uptick in mortgage rates bidding wars on homes are on the increase. According to on-line real estate brokerage Redfin in June 69% of homes faced multiple offers.

This weekend’s edition of the WSJ has a great article on Real Estate bidding wars and “How to Win a Bidding War” written by Molly Hensley-Clancy.

Real Estate agents give tips to help buyers get the best deal in bidding wars and it is not necessarily paying top dollar.

  • Know the Market ~ stay up to date on last closing prices of homes sold in the area.
  • Be realistic about the Price ~ Low ball offers not in this market; with multiple bids put your best offer in.
  • Have a “Walkaway Number” ~ going into a bidding war have your walk away number and stick with it, do not get caught up in the feeding frenzy.
  • Be flexible on other terms ~ with multiple offers be flexible on closing and move in dates, short term rent back to owners.
  • Get Prequalified ~ have an up to date prequalified by your mortgage broker or bank, have all the paper work ready to go.
  • Don’t dawdle ~ once you know what you want and find it don’t walk, run to it. The early bird catches the worm.
  • Decide what you will do if the home appraisal is below selling price ~ will the buyer make the difference up, split it with seller.
  • Position your offer as a backup in case the first deals fails.
  • Connect with the seller ~ write an introducing letter explaining why the home would be a perfect fit for you.

  

To read the full article here is the link http://online.wsj.com/article/SB10001424127887324144304578624104001847008.html   

 

 

To view current homes for sale and rent in Fairfield County, Connecticut please click here.

 

David Popoff is a Connecticut license real estate agent in lower Fairfield County. He has lived and worked in the area for over 30 years and now reside in Darien since 2004.

 

Posted by

David Popoff
Connecticut Licensed Real Estate Broker
Realtor® Green
Seller Representative Specialist
Accredited Buyer Representative
candidate
LEED AP Homes

 

DMK Real Estate, Darien, CT.
Cell (203) 228-0646
DMKrealestate.com

 

 

 

DMK Realty, 06820 

 

 

 

 

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Matt Kombrink 08/09/2013 07:32 AM
Topic:
Home Buying
Location:
Connecticut Fairfield County Greenwich
Groups:
Realtors®
Sotheby's International Realty
Connecticut Professionals
The Ninety-ninth Percentile
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David Popoff

Realtor®,SRS, Green ~ Fairfield County, Ct
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