That sounds crazy, doesn’t it? Many people never imagine offering more for a home than the seller is asking, but there are certain circumstances or situations in which you may want to do just that. If you’re in the market for a home, you will be interested to learn why you could actually find yourself doing what our Dallas real estate professionals are about to explain below!
Sometimes buyers come across a home that simply calls out to them and pulls at their heartstrings. If you come across a home like this, consider yourself lucky – and hope that you can make it your own.
You might want to offer more than asking price if:
You know without a doubt that other bids have been put on the table. It’s always recommended that you find out whether other potential buyers have placed offers on the property you’re interested in. If you aren’t armed with this information, your offer could come in lower than others. Bidding wars aren’t uncommon, and if you REALLY want that house you may want to up the ante.
All-cash offers are on the table and you have to get a mortgage. What seller wouldn’t love to go with a buyer who has the cash in hand? This is a situation in which you may want to consider bidding above the asking price to entice the seller, if in fact you just have to have this home!
The seller is testing the market and in no hurry to sell. Some owners put their homes on the market for the purpose of seeing how much they could possibly sell it for. Ask your real estate agent if he/she can find out what’s motivating the seller, or if the seller really doesn’t seem motivated at all. Depending on the motivation and whether you’re in love with the home, you may want to offer a bit above the asking price. Your agent can help you determine how to proceed with caution, as you don’t want to grossly overpay for the property.
Demand for homes is high, inventories are low. When it’s a seller’s market it can be tough for those looking to buy a home in the DFW area, or anywhere for that matter. With a lot of competition, it’s often necessary to big higher than asking price – and act fast, before you’re knocked out of the competition. When there are multiple buyers who want the same house, it can be frustrating. Our real estate agents can help you what a good offer would be based on the market, how much homes are selling for in the neighborhood, and other factors.
Now you understand why it sometimes is a good idea to offer more than asking price for a home. When it’s a seller’s market in the area our DFW real estate professionals are happy to help you grab the home of your dreams! Give Team Nelson a call today.