Whether you’re looking at homes in Flower Mound, Frisco, Denton, Highland Village, or other cities/communities in the Dallas-Ft. Worth metro area, we understand how frustrating it can be when you find “the” home, but the seller has multiple offers on the home. Sellers can price their homes at any point they feel comfortable with, whether above or below what the market can actually bear. Whether you make an offer that’s close to the seller’s asking price, above it, or one that’s a bit lower, chances are you will have some competition. Regardless of where the price stands, it’s important to know how to beat out your competitors when involved in a bidding war.
Here are our top tips for getting a seller’s attention when buying a home in North Dallas:
Before you make an offer, be sure to get all of your “financial” ducks in a row. Get pre-approved for a loan, and talk with your mortgage broker or lender on a frequent basis. Be familiar with new listings as they become available, and be prepared to take action when the right house presents itself. Informed buyers see many properties, and because of this are informed about the market. To a seller, you will stand out as a motivated, knowledgeable, strong buyer.
Know that the highest bid doesn’t always win. Most buyers assume that the seller will sell the home to whoever pays the most money. The fact is, terms and conditions are often more important to sellers than price! How can you win against the highest bidders? Be flexible when it comes to the seller’s needs. For instance, the seller may have already purchased another home, and they need quick escrow. You’re the one who can give it to them! Flexibility wins the race with many sellers, so be ready to “bend” to the seller’s needs.
Hire a trusted and capable local real estate agent. Now we aren’t putting this in just so we can toot our own horn! It is absolutely vital to have a good agent. Most people who do not work in the industry don’t realize that about 20% of the agents in any given community handle 80% of the business in that community! Hard working agents are more experienced in the market, and have built strong relationships with home appraisers, inspectors, mortgage brokers, etc. Seller’s agents often recommend their clients work with buyers who have a good agent because of factors such as escrow. Besides, the 20% of us who do most of the work just “get” it!
The point is, stand out from your competition. Demonstrate your motivation, your flexibility to work with the seller on terms or conditions, and present your offer (and yourself) in a way that is strong.
At Team Nelson, our Dallas real estate agents work hard – and we’re prepared to help you win when the bidding wars begin! Give us a call today for unparalleled guidance and support.
