Avoid a Bidding War By Being Creative
With the housing market heating up, multiple bids on homes are becoming more common.
Here are a few creative ideas that may help push your offer to the front of the pack: Offer to use the seller’s settlement agent and settle on the seller’s schedule. Anything that can make the sale easier is always attractive. You can offer to use the seller’s settlement agent if they’re buying another home or you can let them know that you’ll settle at their convenience.
Highlight your offer—and personalize it. Ask your real estate agent to include a written synopsis with your contract offer. By highlighting the major points of your offer—and listing your financial strengths—you may be able to keep your offer front and center, or at least help keep you in the back of the seller’s mind.
Show the seller that everything on the mortgage side is taken care of. Before you make an initial offer, make sure you’ve completed everything that your lender requires and that you have a pre-approval ready to go. The absolute last thing a seller wants to worry about is whether or not a buyer is going to have trouble qualifying for financing.
Offer to help the seller financially with the sale. You can offer to pay the seller’s portion of any transfer taxes or allow the seller to remain in the property rent-free for a month if they need time before they close on their new home. You can even offer to pay for the house to be cleaned.
Often, the secret to a winning offer is to find out what’s important to the seller, whether it’s price, contingencies or an easy selling process. No matter what your strategy is, take advantage of your real estate agent’s expertise by discussing all of your options with them well in advance.
For more than 25 years, Omega Financial has been serving mortgage clients in Massachusetts. Our brokers have approximately 50 years in the mortgage business. You always will receive fast, courteous, and accurate information. Omega Financial, Inc. is a company duly licensed to operate in Massachusetts as a Mortgage Brokerage. We are located in the Town of Norwood, Massachusetts where we have been operating as Omega Financial Incorporated since 1988. Licensed by the Commissioner of Banks - License No. MB2671