When it comes to buying a Fort Lauderdale luxury home, most folks hope to find their dream property and close on it quickly, without problems. Unfortunately because of your great taste, others might be interested in your dream property as well, which might spur a real estate bidding war. Entering into a bidding war can be stressful for buyers. Fortunately there are steps you can take to both lower your anxiety and increase your chances of winning the real estate bidding war.
Work With The Right People
Teaming up with the best Fort Lauderdale real estate agent is always a good idea when you are buying or selling a home. This is especially true during a real estate bidding war. An effective agent with a positive track record and favorable reviews will offer valuable insight about the area and be able to explain whether the prices being offered are realistic for the location. According to Fox Business, Also, a real estate agent with a strong reputation with clients and fellow agents can be more attractive to sellers. According to Fox Business, respected agents tend to make sellers feel more confident that a sale will actually go through.
In addition to working with a reputable agent, a great mortgage lender can be a big asset. Work with your mortgage lender to get prequalified for a loan prior to shopping for your new home. If you end up in a real estate bidding war, your offer will be more attractive to the seller if it’s accompanied by written confirmation that you are prequalified for a loan.
Provide An Incentive
Buyers who are prepared to provide a large down payment are more likely to come out ahead during a real estate bidding war. Making a sizable down payment demonstrates to sellers that you are serious about the property. In addition, buyers who offer to pay cash may further increase their chances of winning a real estate bidding war.
In some cases, buyers may further entice sellers by agreeing to purchase the home without requiring certain repairs. When thinking of offering this type of incentive, proceed with caution. While buyers can easily fix small repairs, like fixing a door or replacing fixtures, more costly problems, like structural issues or electrical problems, can be more expensive.
Know When To Call It Quits
Few buyers want to give up during a real estate bidding war. However, it’s important to have a spending limit in mind to avoid going over your budget. A real estate agent can be helpful in determining the worth of a home. If the asking price significantly exceeds that figure, you should consider continuing your home search.
Remember, the person who wins a real estate bidding war isn’t the one who over-paid for a home. If you are thinking about buying a new home, contact us! Our goal is to provide exceptional service and results to every client. We call it the Luxury Living Fort Lauderdale difference. So far we’ve delivered on that promise with 100% of clients rating our service as “EXCELLENT”!