The home buying process can be stressful enough on its own. However, if your bids are not being accepted, you are probably experiencing a new level of frustration. Who knew it could be so hard to get someone to take your hard earned money,? Not to mention, you deal with feeling like you are on an emotional rollercoaster every time you fall in love with a property and see it slip between your fingers. Below are some of AIM HOMES’ tips to help you beat your competition.
It is not uncommon for a buyer who is prequalified to later learn they can’t secure financing. A seller is always going to be more attracted to a buyer who is pre-approved because they know they are a sure thing. This is especially true if a motivated seller is in a time crunch.
Focus on the Seller’s Needs
What scenario would make the seller truly happy? Do they need a buyer willing to give them a little extra time to move out, so they have time to close on their new home? Find out what they need and try to give it to them.
Rather than risk coming out on the losing end of yet another bidding war, start strong. When you find the home you want determine the maximum amount you are willing to pay and make sure the lender won’t have an issue with this figure. You probably have an idea of if a particular home will end up in a bidding war, so if there is a chance it will lead with your best price. There is a good chance you will scare away your competition.
Limit Your Contingency List
If you are selling a house, are you going to be more attracted to the buyer with a slightly higher bid, but a long list of contingencies or a buyer who has little to no contingencies? Chances are good you are taking the second option.
Call the Inspector Early
Many don’t know this, but you can have your home inspection done prior to making an offer; this shows you are really serious. You can even have the inspector attend the open house or viewing with you. If they give you a thumb’s up the home inspection contingency can be waived.
It is really frustrating to go through the trouble of finding the perfect home only to lose it to another buyer. Put these tips to use and the next bid you place may be your last.