Many emotions are felt throughout the process of buying a home. There’s so much hope and excitement in the beginning as you start to look at all the homes for sale in Redding, seeking out the perfect place to build your future. Then once you finally find “the one,” emotions are bound to intensify, especially if you find out your dream house is also calling out to others as well. Just when you thought the search was over you learn that there’s a possibility of losing to another buyer and nothing could be worse. Discover how to make sure you appear as the more attractive buyer in the eyes of the seller and come out the victor in a bidding war.
Come With Cash
We’ve all heard it before – cash is king – and it couldn’t be more true when it comes to purchasing a home. Cash offers are often readily accepted even if there’s a higher offer from a non-cash paying buyer. For the average person, it’s not realistic to think you can come up with all the cash you need to buy outright, but coming to the table with a larger down payment in hand will definitely put you in top running.
Produce Pre-Approval Paperwork
Getting pre-qualified for a loan is all well and fine, but it won’t usually get you very far even when there isn’t a bidding war going on. Before you begin looking at homes you should already have proof that you’ve been pre-approved by a lender for a certain amount. This lets a seller know you are able to actually afford their property and that you’re serious about making a purchase. Having the documents and financial records prepared and ready to show is one more thing that could put you ahead of another offer.
You probably spent a lot of time house hunting and weeding through numerous homes for sale before finding the one you really wanted, so don’t be afraid to warm up to a seller and let them know why you want their house so much – just be careful not to come off as pushy. Tell them what features you love about the property and how much you appreciate their consideration. Form a personal connection that helps them relate to you and remember you when it comes time to make their decision.
Be Reasonable With Contingencies
You may be tempted to cut out all contingencies completely, but realistically, this may not be in your best interest. However, being as flexible as you can with the inspection and financing contingencies will make your offer more appealing when they’re all being evaluated.
Work With an Agent Who Knows Their Stuff
One of the most important things you can do for yourself in a bidding war is to make sure you have an experienced real estate agent on your side to guide you through it. Negotiating is a skill that many people can’t handle effectively on their own. An agent who has seen this type of situation before will be a great source of support and able to lend their expert advice on your next course of action.
Those who keep these guidelines in mind when facing a bidding war on homes for sale in Redding come out on top more often than not.