The key to winning in a bidding war starts with a strong team working with you, and laying a foundation for your home purchase before you make an offer.
Many times I meet people who feel as if the journey starts with finding the right house. By then, it will be too late to put together your negotiation strategy and have the contract knowledge and market data from your realtor to empower you for successful negotiations.
The first 5 steps to create success
1) Hire a Realtor – it’s important to work with a professional that you trust. The advance work preparing for an offer helps you strategize and win. Also, select an agent who will prospect new opportunities for you through networking, as well as reaching out to off-market potential sellers. Private match making with off-market sellers is one of my specialties!
2) Financial Strategy – have your financial buying strategy prepared. If you’re buying with cash, your agent will need proof of cash. If you’re taking advantage of today’s low interest rates, work with both your agent and lender in advance. It’s important to know what your offer ceiling is and explore scenarios that work for you, while creating an attractive offer for the seller. You should have those conversations well ahead of time, before you see the home you love.
3) Market Knowledge – be sure your agent is providing you with up-to-date market data. If you face an “above asking” offer situation, you’ll want to be informed and aware of trends to assess what level of risk this may imply for future values for your particular market. Check the Communities page on my website for up-to-date market data.
4) Do your homework – there are documents needed for an offer that should be done ahead of time, to save from the frenzy of making an offer late night on a Sunday after the first open house. If possible, I like to go over a sample offer with my clients well ahead of negotiations so decisions can be made quickly without losing the opportunity for questions and concerns.
5) Know your “walk away” number – be prepared for the frenzy. Know what your walk away number is to prevent paying more than makes sense for your individual financial strategy. This is unique for every individual, but something I discuss with each client.
Once we have that foundation, we’ll strategize on your win in today’s market, while protecting your best interests.
Schedule a 15 minute call with me to discuss your goals, whether dreaming or driven. We will create a customized strategy for YOUR success!