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Winning Real Estate Bidding War.
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 ... more

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