Posted 5.2.12 @ 10:14
Getting outbid is the worst feeling in the world, but if you plan ahead you can make it out on top! If each time you put down an offer and someone else gets it, it’s time to get organized. Buying real estate is stressful enough without having to worry about other homebuyers sniping. Here we’re going to go over some tried and true techniques to prevent outbidding; just remember the best way not to get outbid is to be prepared and be fast!
Get There First
If you want to win, you have to get there first. When you work with one of our experts on the Goodale Miller team, you just need to let us know what you’re looking for and we can let you know as soon as it becomes available. Make sure each offer you submit has a short deadline so the seller can’t just sit around waiting for a better offer when yours is it.
If you’re not in there first, that’s okay! There is plenty of real estate for sale so you’ll have no shortage of choices.
Get Pre-Approved for Financing
Getting preapproved for financing is one of the smartest things you can do before you even shop for a home. If you can prove to the seller that you already have financing and you won’t need to wait 6-8 weeks for closing to go through your offer will be extremely attractive compared to the others. It’s important to make sure that you ask for a good faith estimate before you start shopping so you can get an idea of how much you’ll need to pay each month.
Be the Highest Bidder
No one wants to be the highest bidder, but if you can’t get there first you can get their attention fast. We’ll help you do a comparative analysis so you can give a good bid without bidding too much. The last thing you want to do is pay above market price plus closing costs. You can also offer the seller a deposit of up to 3% of the home’s value to show in good faith that you want to buy the property. However you decide to proceed make sure that you absolutely get an appraisal done before you bid so you don’t get too emotional.
There are many reasons people put up Oakville homes for sale, so you’ll want to be a little more relaxed. If they’re going to need an extra week to get their things out, be understanding. If the seller asks you to move up the closing date on the contingency that they will sell to you over others, think about it. You can always have a quick talk with one of our team so you can make sure you understand what the seller is asking for and if it’s worth compromising for.
Having an easy going attitude, being prepared and getting there first are some of the best ways to avoid getting outbid and into your dream home.