It isn’t unusual to find yourself in a bidding war when it comes to buying a home in the Dallas-Ft. Worth area, given the rising demand for homes in a hot market, where there are more buyers than homes to be had! So, how can you increase your chances of winning? Our Dallas real estate agents have a few tips to help you make the home you love yours.
Have the right team on your side. It cannot be stressed enough how important it is to have a Realtor in your corner that has vast experience and knowledge of the area. Most seasoned real estate agents have been involved in bidding wars, both from the buyers’ and sellers’ sides. You need someone with a solid strategy when it comes to bidding on a home.
On that note, it’s also critical to have a local lender that sellers are familiar with and trust to get a pre-approval letter and other financial documents, which makes you look desirable to sellers.
Make your offer strong, and know that every aspect of an offer is negotiable. If you’re on a very tight budget, bidding on a home may not be the direction you want to go, as many homes sell for more than asking price when a bidding war is going on. When it comes to sales price, title insurance, survey, and other aspects of the contract and offer, our experienced agents can help.
Forget about contingency offers. If you have to sell your home before you can buy the seller’s home, there’s little chance you’re going to win the bidding war, as most buyers are ready to buy now – and sellers want to sell and get their money, rather than taking their home off the market while waiting on the buyer to sell. Contingency plans simply don’t work well in the majority of cases when a bidding war is going on.
Put the pressure on. There’s always pressure in a war, and this is no different. When you make your offer, make it clear you have a deadline and when that deadline passes, the offer is off the table. You have to put the pressure on, and the sooner the deadline, the less time the seller will have to collect even more offers. Make it a strong offer, and emphasize your deadline by which the seller must accept your offer.
At Team Nelson, our Dallas-Ft. Worth real estate professionals want you to get the home of your dreams, whether it requires becoming involved in a bidding war or finding the perfect home for your family without having to go through a stressful experience. Give our team a call today for expert guidance and a great outcome!