"5 Tips For Winning A Price Bidding War"
1. Know that you are in a bidding war
One sure way to win a bidding war is to fully realize that you are in one. It is important to know where you are shopping. If the area where you are buying is a hot market, chances are, there’s going to be a bidding war. Make careful observations and check how many people are at the open house. In addition to that, if you have already made an offer and your real estate agent tells you there are higher bids, you now know that you have competition.
2. Do your research
Before buying any real estate listings in South Tampa, make sure that you have done your research and you are well-informed. The quicker you educate yourself about market values, the more successful your home search will be. Knowing the average house value in the area will give you an idea right away if an asking price is relatively within the price range. This can give you a guide on how much to bid on a specific home.
3. Make an offer that stands out
If you want to have an edge over other buyers of South Tampa waterfront homes for sale, avoid making a lowball offer just to see if the seller will entertain your offer. When you make a bid, go for a strong figure and make it a number that will stand out from the rest of the competition. Since most offers will be in round numbers, you can stand out by going to the highest number with a 1 or a 6 at the end of it.
4. Pay with cash
You have to be prepared if you are going against multiple offers. Experts agree that one of the best ways to win in a bidding war is by paying with cash. However, not everyone can do that. You may also increase the amount of down payment if you can’t pay with cash. Don’t forget to get pre-approved so that the seller will know that you are a serious buyer. If you are really keen on getting that particular home, you can also offer to pay the seller’s closing costs.
5. Tighten up your timeline
Most sellers like to close fast. If you are in a multiple offer scenario, it is best to make an offer with few contingencies. That may mean forgoing repairs or added appliances and features. Be quick about it. If you can close quickly, that would be so much better. You can always ask for extension if you run into some issue.