How to Handle a Bidding War

Competing for your new home? Including a bidding war to the search for your dream house can add on to anxiety. As a Chatham realtor, I can give you some tips to remember when attempting to capture your ideal home. By following these simple secrets, that new home will soon be yours.

Research the Market

Have a budget to base your decisions on. Finding the dream house that’s more than your financial parameters will only set you back in the bidding war. Scouring the Chatham-Kent real estate market can be turned from a broad range of possiblities, to a more specialized market. Pre-approved mortgages are useful in this sense. After setting your financial limits, you and your Chatham realtor can find a house that not only suits your present needs, but also any in the future such as hopes for having children. Make sure you keep the future in mind, so that moving again isn’t necessary.

Next, pick a few houses that appear to suit your needs while remaining inside your budget. For an array of houses and price ranges within Chatham-Kent real estate, you can check out local Chatham-Kent real estate listings right here on my website.

Now you’re ready to determine if the house is worth a bidding war.

War Worth Fighting?

Often buyers use décor as a deciding factor for purchasing the house. If you love the wall colour with their furniture, try to keep in mind that, unless their furnishings are included, the current homeowners will be taking it with them. Look at the actual design of the house itself.

Once you have decided if the house fits your needs, the next step to ensure it is the best choice for you is a pre-buy home inspection. While supplied with many great houses, Chatham-Kent real estate is also burdened with “dream” homes that are disguising urgency for renovations. Setting aside 1% of your home budget for an inspection can save you money in the future.

Also, a strong connection with the current homeowner can make you noticeable in the sea of bidders. Visit a few times before you decide to buy it. This will also reveal whether the initial desire for the house is permanent.

These steps completed, it’s time to bid.

Strategize Your Bid

Sometimes buyers include frustrating condition, such as the requirement that they sell their house before paying for the new one. Chatham realtors can tell you this is not shrewd. However, it is advantageous to include bonuses that put you ahead of the crowd, such as willingness to cover closing costs. Using odd numbers for a bid will also make you stand out without having to pay much more. These tricks will increase your odds at winning the bidding war.

Finally, anticipate your competition. It’s possible to estimate the bids of other buyers based on your knowledge of the market value. You may be able to prevent spending your entire mortgage while paying only slightly higher than market value and other bidders.

For further information on how to win your dream house, send me an email using my online form.