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How To Avoid A Bidding War When Buying A House
1) know your budget and get pre-approved
2) Use a lender that you trust and allows you to call them directly. You should have their cell number on speed dial incase any last minute issues arise with your offer.
Check my video:
HOW TO MAKE YOUR OFFER SHINE DURING A BIDDING WAR. https://youtu.be/BQpYIYoLslM
3) Be The First To The Show, either with the help of a realtor or actively monitoring the real estate websites. Set up push notifications to alert you via email or text when a new listing that meets your search criteria pops-up. View the house ASAP. This is where working with a realtor helps a great deal. They allow you to get straight to the source of the listing and view it before the first open house, which is always a plus…
4) When you finally find the right house make a strong offer in both price and terms. Relay on recent comps and your budget to guide you to the right number.
5) If they come back with a best and final counter don’t play games offer your best price you may not get another chance to bid.
6) Always remember to never bid out of your comfort zone. I promise there will always be another property.
7) Once your offer is excepted keep up the energy and get the home inspection done with in three days, get the documents to the attorneys to lock it into contract asap.
8)An experienced buyer broker who specializes in your area of choice would be a great asset. The pros of a professional working for you can definitely be a plus.
Transcript of video
In today's seller's market bidding
wars are happening all the time how do you avoid
the agony of a bidding
war that's the topic of today's video how to avoid a
bidding war when you're
buying your next house that's the topic of this video
Hello everybody my name
is Mark Schreier I am a licensed sales associate with
Century 21 American
Homes right here in Long Island New York bidding wars on Long
Island a very typical
they happen a lot particularly during a seller's market
which we are in right
now I'm going to share with you things that you can do
tips that you can do to
save the aggravation of that bidding war and
hopefully help you
secure the property the first thing that you should be doing
is getting all your
ducks lined up in a row what do I mean by that get
pre-approved get
pre-approved for your mortgage so you know what you can afford
before you go shopping
for a house use a lender that allows you to contact them
directly one that will
allow you to give to give you their cell phone number so
if in fact you get into
a sticky situation where you've finally found
that right house for you
and you put a bid on it you can call them text them
right away and they can
give you answers to your questions
one typical thing you
might need is a updated up-dated pre-approval letter
maybe the one you have
is a little too old and the realtor who has the listing
wants something new
which can make your offer stand out above all the others so
make sure you deal
directly with a lender that's willing to share usually
some of that's local
rather than somebody that's you know in another
state and you have to go
through operators and everything else you can't
get directly to that
person somebody that allow you to have their cell number
on your speed dial check
out my video on how to get all your ducks lined up in a
row another tip that can
help you avoid a bidding war or at least if you're in
that war will be very short,
and you hopefully get the deal is be the first
to the show either with
the help of a realtor or monitoring all the real
estate websites yourself
set yourself up with push notifications what do I mean
by that whatever website
you're using make sure you type in all the
information that you are
looking for how many bedrooms bath
school districts towns
the type of house and when a new listing gets populated or
uploaded to that site
you will get a email or a text telling you that a new
house has come on the
market and what you need to do and where a realtor comes
in to be helpful in this
situation is you need to get in contact with the
listing agent as soon as
possible or your realtor that you have that you've
been working with so
they can set up an appointment preferably before the first
open house because in a
very hot market like we're in right now a seller's
market the houses are
gone before the first open house or sometimes they don't
even have the open house
some homeowners decide that they have a first
accepted offer but they
still want to show the property that is the homeowners
choice but you might be
going in there and the house already has an accepted
offer on it and it could
be a waste of time not always but at least if you're
the first one to the
show you're able to get your offer up front before any of
the others and that has
some power to it okay we've been going over how to avoid
a bidding war when you
buy in a house, I hope you enjoyed the content if you're
new to the channel
please don't forget to subscribe click the notification
button and give me a
thumbs up if you're enjoying the content and leave comments
below for other videos
you'd like me to discuss in the future when you finally
find the right house
make a strong offer for both price and terms rely on recent
comps to actually guide
you to that number but don't forget your budget you
don't want to go over
that number if the listed agent comes back with a counter
of best to the final
make sure you do just that don't play games you might not
get another chance to
bid on that property so remember your budget always
remember your budget
look at the comps again and make the bid that's the
strongest possible bid
that you can do if terms can change a little think about
that find out if the
homeowner it needs some flexibility in the terms meaning he
needs to leave in three
or four months and if you could accommodate that it
will give your bid that
much more strength so make sure you articulate
that to your agent or if
you're buying on your own that you articulate that to
the homeowner when you are
going through the process okay
and once your offer is
accepted remember the fun just begins you got to keep up
that energy you have to
get your house inspected a home inspection highly
recommend it for anybody
even for cash buyers you want to know what you're
getting I don't want you
to be over utilized in that home inspection and
trying to use it as a
tool to try to get some money off the price or a
significant amount of
money because if you do that it might work but it might
also backfire on you and
that another buyer might come by and say they don't
care about the little
problems with the house as long as there's nothing major
they'll take the house
as is and then you can be bounced out of that the
accepted offer and
somebody else ends up getting the house so remember that there
are pros and cons to
trying to utilize that home inspection as a tool to buy
down the price it's
really you should be utilized for you to know what you're
getting yourself into
and the offer you made was on the house
when you first looked at
it again if there's anything major wrong with the
house certain things
have to be fixed that's a whole nother video but don't
over utilize that home
inspection and say that's gonna be a tool that I'm
gonna take 50 grand off
the house because that's how I'm gonna be you'll
lose the deal okay now
you probably understand what I mean by how to avoid a
bidding war when you buy
a house it is a long process it is a stressful process
there's a lot of bumps
some of them bigger than others throughout the whole
process and it is in
your best interest to think about something called by a
broker and I'm going to
include a link down below to a video I made on what are
the advantages of buying
a broker particularly the title is why hire
somebody to work against
you in the real estate process and it will explain in
detail what a buyer
broker is and how it benefits you but in this particular
situation a buyer broker
will be working on your side to work out all these
different parts and find
that perfect house so in a bidding war situation when
it's a seller's market
like it is right now on Long Island it is probably one of
the best investments
that you can make and it will all be explained in the line
below in that video okay
you could see by now - how to avoid a bidding war when
buying a house is
definitely a long drawn-out process and that's only half
the battle you still
have the contract the appraisal and everything else and
the closing to get
through but that's another video so if you want to get a
free buyer's guide to
help you navigate through this particular process either
email or text me and
I'll be more than happy to send that your way thanks for
watching
