Ways to get a house in Hot Market5/28/2018
Beat The Competition
By Liany Lynn Foe
So you submitted your offer on the house that you like and then came the agonizing wait. Finally you heard your agent called and said,”Well, there are multiple bidders on this house and I am sorry to say that our offer was not chosen”. Back to house hunting. Sounds familiar? What do you do to beat the competition to your next dream home?
While there is no magic formula or tactics to ensure you get the house you put offer to, you can plan few things:
1. Show the seller that you have a rock solid financing
It is important to convince the seller that you have done your homework and have what it takes to close the transaction flawlessly. Whether it is cash based or financed, include the proof together with the offer.
2. Look for houses that need TLC
Sometimes there are many hidden gems on those beaten down houses. While it is not for everybody, these type of houses could give you some edge in terms of less competition and better bargain. You will also have the opportunity to put in your personal touches on the interior and design of the house.
3. Include personal letter with your offer
One of my clients once were putting an offer on a house with multiple bidders situation. Their offer was one of the top 2 and the reason they are chosen was because they submitted a personal letter written by their son. The seller did not take a long time to decide which one of the two offers got the house.
4. Work with experienced Real Estate professional
Why do you need a real estate professional in submitting your offer? Real estate professionals have the insight knowledge on how the offers are handled, screened and selected. They also have the market knowledge as to what is the offer price should be to make sure you are not underpriced or overpriced. They also have negotiation expertise to deal with multiple offer situation and how to structure your offer. It is important to you have a dedicated real estate professional that fights for you.
Here you go! As buyer, hopefully you donot have to compete to get our dream house. However, if you are in this situation, you already have a plan. As always, I am available to help you get your next dream house!
© Liany Lynn Foe