How to Win a Multiple Offer Bid in Phillips Ranch Without Losing Your Shirt, by Brett Ehart, Phillips Ranch Realtor®
One of the worst things that can happen during the home buying process is to finally find your dream home, only to discover that someone else is already bidding on it. When this happens, how can you win your dream house without losing your shirt in the process? In this article, we'll cover some of the more important points to winning a multiple offer situation on a Phillips Ranch Home.
Tip #1 - Know Your Limit
It's tempting to increase your bid based on emotions during a bidding war. Buyers are often willing to pay more out of competitiveness, feeling that something they want is being taken away.
This trap can cost you thousands of dollars. Instead, do your comparative analysis of the properties nearby, choose the highest number you're willing to pay for this Phillips Ranch home and stick to it.
Tip #2 - Have a Real Estate Agent That is Looking Out for You
Remember that real estate agents are paid based on the selling price. There are agents that will look out for you and have your best interest in mind, while other agents would rather increase their commissions by convincing you to place a higher bid.
It's important to have a Phillips Ranch real estate agent you can really trust during the process.
Tip #3 - Make an Impression on the Seller
Be more than just Buyer #2. Meet the seller and make sure they know what you love about the house in Phillips Ranch. They usually love their house as well and want to sell to someone who'll love it just as much.
Have the seller know who you are. Even if your bid is slightly lower, a seller may sell you the Phillips Ranch home just because they like you.
Tip #4 - Remove Conditions
The less conditions you have on your contract, the better. Call up your loan officer and make sure you can get approved for the loan and remove the financing clause. The cleaner your contract, the more appealing it will be for the seller.
These four tips will help you bid on Phillips Ranch real estate without losing your shirt. Keep them in mind if you find yourself in a multiple offer situation.
There is a lot of free information available to you about buying, selling or investing in Phillips Ranch real estate. For complete information about the Phillips Ranch real estate market including current homes for sale, property values, short sales, foreclosures, and more please visit the Phillips Ranch Real Estate information website at Phillips Ranch Homes. Also please feel free to contact me with any of your real estate or mortgage related questions.. Call (909) 868-1955 or email me at Brett@bkEstates.com.