Patience and planning give buyers the inside track.
Published Apr 19, 2014, 1:56pm
By KC Brants, Real Estate Agent, Redfin
1. Look when no one is looking.
For first-time homebuyers, submitting an offer during a holiday or big event can help you avoid competition. Squeeze in a home tour during the Super Bowl (at least during halftime) or submit an offer on the Fourth of July. Another strategy is to track pending home sales. Sometimes pending sales are canceled due to the buyer’s financing falling through, and the home is suddenly back on the market. Get a head start by signing up for email alerts on real estate websites to get notifications if the property comes back on the market.
2. Know your limits.
If you want to spend $500,000, look for a home in the $450,000 price range. You need to give yourself room to negotiate during a bidding war. Homes that receive multiple offers typically sell for 3 to 10 percent above the asking price. Don’t get caught up in a battle and end up paying more than you wanted. Instead, lower your price point to leave yourself room to be competitive.
3. Waive contingencies.
Financing contingencies win bidding wars. For example, conducting and paying for a preinspection before you even present your offer to the seller can help set your offer apart from others.
Read the entire article at: http://www.seattlemet.com/articles/5-expert-tips-for-home-buyers-may-2014
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