One of the most challenging aspects of purchasing a home has been completed if you have looked through every home in California that is currently for sale and selected one that interests you. However, if other parties are involved, you can find yourself in a bidding war while buying a house. Ideally, you are working with a Berkshire Hathaway HomeServices agent who can assist you with this. If not, call us at (310) 373-0021 or take the suggestions listed below.
Make Sure You’re Offering the Best Buyer Package You Can
The reality is that every transaction is distinct, and the ideal buyer package will differ depending on the property. Try to discover the seller’s desires so that you may tailor a bundle to suit them. While it might be about the money, it’s also likely that they are looking for someone who can close deals quickly, waives contingencies, or is flexible in other ways.
Realize That Cash Is King
Everyone wants to be able to purchase a home with cash, but for many people, this is only a fantasy. However, you will have a far better chance of winning the bidding battle if you are able to make an all-cash offer. An all-cash offer gives the seller the impression that there won’t be many of the obstacles that other transactions frequently have.
Remove Any Contingencies You Can
The majority of sellers seek out buyers with no conditions. They want a quick and easy process that will end as soon as possible. They could be inclined to accept a somewhat lesser offer when they see a list of contingencies merely to save themselves the trouble. Find out from your real estate advisor which contingencies you absolutely must have and which ones you might choose to be flexible with.
Think About Escalation Clauses
You want to pay as little as possible while still winning the bidding battle, while the seller wants to get the most money for their house. An escalation clause makes it conceivable even though it might appear impossible. It works in a rather straightforward manner: you submit an offer for a particular sum and agree to increase it by $X,000, up to a specific sum. In the event that another bidder outbids you, your offer will automatically rise.
Say the house is priced for $500,000 and you are willing to offer up to $550,000 as an example. You might make a bid of $500,000 with a condition allowing for $5,000 increases up to $550,000. This would imply that you automatically match any competitive bid that is less than $550,000. You are not responsible if a bid is received that is higher than what you are ready to pay.
We at Berkshire Hathaway HomeServices have years of expertise assisting clients in finding and purchasing their dream homes. Call (310) 373-0021 right away so we can assist you.