Facebook Pixel

5 Tips for Winning a Bidding War without Spending Too Much

By Mike in Home Buying Tips with 0 Comments

It can be tempting to bid more than you can really afford when you think you have found your dream home. However, this can really hurt your financial plans in the long term, and you may end up spending more than the property is worth. To score your dream home without overspending, follow these 5 tips, brought to you by trusted 92101 real estate experts.

1. Make a Personal Connection

Many potential buyers just send an offer to a seller without actually contacting the owner or the listing agent. Making the effort to actually speak to the seller makes you seem more responsible and reliable, which is sometimes enough of an appeal to accept a slightly lower offer.

2. Suggest an As-Is Offer

It is definitely risky to not make your offer conditional on home inspections, but it can pay off in a bidding war. Letting the seller know you are willing to buy the home as-is can be more tempting than a high price offer if the seller values convenience.

3. Opt for a Short Closing

Many sellers want to get rid of a property quickly so they can move. Before starting the buying process, it is useful to already have a conditional approval from your lender. Being preapproved and willing to have a short inspection time frame often makes for a short and convenient closing.

4. Offer to Pay in Cash

Many sellers are willing to give a significant discount or accept a lower bidding offer if the buyer pays in cash because this is less risky than other payment methods. If you can afford it, this is definitely the way to go.

5. Be Willing to Rent

If the sellers mention they want a long closing because they are still living in the home, be sure to let them know you are willing to rent the home back to the sellers. This gives the sellers a secure living place while they look elsewhere, which can sweeten the deal.

Thinking about bidding on lofts, penthouses, or condos in 92101? The staff at 92101 Urban Living is here to help. Take a look at some of the listings on our website or give us a call at 619-0368 today. ')}