Real Estate

Tips to Win a Bid in a Competitive Real Estate Market

Posted on by Melissa Lee

homes for sale in Erie CO

Finding your dream house can be a long and stressful process. However, if you are financially secure, you can act with confidence. In a seller’s market, all home buyers are your competition, so do not exchange information with anyone regardless of how close you feel with them. Bidding wars are a part of the real estate market and they should not feel personal in any way.

Main Tips and Strategies

According to an informed realtor with experience listing homes for sale in Erie CO, there are many tips and strategies that you can use to win a bid. One of them is being preapproved for mortgage. A prequalification process entails a preapproval letter based on credit score and income documentation.

Another tip is to make a generous offer that fits your budget. To do that, you can get into contact with the seller’s listing agent to find out about previous or current bidding offers.

It is also important to not get too emotional during the process because it can make the seller feel uneasy. Instead, you can choose to be proactive and stay on top of the situation by accessing housing data specific to the local market.

Sometimes, it helps to not be afraid of overpaying in order to defeat your competition. Outbidding other buyers with money upfront is also a plus.

Do not spend extra money on bonus commissions or fees requested by the real estate agent. It is better to save your money for the bidding process.

Using delayed financing to gain access to cash can also prove to be a good strategy. A cash sale, usually, closes much faster than the other ones. It is also very enticing to the seller.

Personal Pitch and Willingness to Walk Away

Making a personal pitch to the seller can also help. It is important to leave a lasting impression by providing details connected to your personal life or even personal desires and aspirations. To make the seller remember you, it is also worthwhile attempting to get them to empathize with you, so focus on things you might have in common. Last but not least, do not mention any of your financial problems to the seller or real estate agent.

Being willing to walk away from the bidding process at any time can also help with not looking desperate to the seller. In addition, purchasing PMI (private mortgage insurance) can be a plus in the eyes of many sellers that you try to impress.

Last Resort

If all else fails, just drop your contingencies which are the specific conditions that have to be met before the sale is completed. The contingencies are only necessary for the mortgage lender and you can close the sale without them if you choose to do so. You can also drop the house inspection to show that you are not picky about repairs. You can choose to inspect the property yourself instead of hiring a professional to do it. You can check the: outlets, garage doors, home security systems, faucets, showers, toilets, gutters and home appliances. While doing so, you can pay close attention to any weird odors or look for cracks in the foundation. Moreover, do not ask for improvement records or home warranties in case the seller is not willing to provide them.

All in all, just be flexible and available to meet with the seller at any time. However, do not meet with them before you complete your documentation. They may ask to see bank statements, income information and credit score papers.

 

What Makes a Home Builder Great?

Posted on by Melissa Lee

Are you looking to build a new house for you and your family? Maybe you’re just starting out as an investor and you’re trying to build a unique new house that you can then sell for a lot of money. Residential construction can be a hassle either way, and you’ll find that it pays to have a dependable and skilled construction expert by your side from start to finish.

Westminster real estate agent

But what really makes a home builder so great? According to a Westminster real estate agent near me, here are a few good answers to that question and find out whether or not it’s actually worth hiring one of the best home builders in your local area:

  • A friendly approach, good knowledge of the local environment and the ability to convey vital information to the client in laymen terms should all be considered vital assets that a great home builder should have. If you plan on starting an ambitious construction project for building a larger home, you’ll find the fact that your new home builder has these qualities will already be a great asset.
  • Home builders should have good knowledge of architectural work and how to apply the blueprint of your new home in the real world. The practical approach to building a new house is not only necessary, but also very crucial when it comes to making sure that any design flaws are discovered and that the new home will be able to withstand the test of the elements at least over the next few decades.
  • A home builder has to be well-organized and capable to account for unexpected problems during a construction project. Whether utility lines are found under the old property, the soil is unstable or there are concerns about the structural integrity of the new house, you’ll find that a truly skilled and experienced home builder will be able to tackle all these issues and get them solved in no time at all.
  • There isn’t much point to building a new home for yourself if you aren’t able to benefit from the latest and most cutting edge products and technologies used in the construction industry. A dependable and knowledgeable local construction company will easily provide you with knowledge on these matters and also put you in touch with manufacturers who can prepare special products for your home that are custom made to fit your particular needs.
  • Finally, a good home builder will be able to help you long after your construction project is finished. They can help with repairs, remodeling and renovations, as well as restoration work whenever it’s needed. Sometimes you can also benefit from affordable offers relating to home maintenance tasks as well as the installation of special products such as gutters and gutter guards, to prolong the life of your home in the long run.

All of these advantages and many others will be available to you as soon as you contact your local home builders and ask them to discuss your new project. You’ll find they can offer excellent advice from the very start, and their ability to organize their work, get things done quickly and deal with unexpected issues will exceed all your expectations.