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SOURCE: Red Blue Realty
The lack of inventory and multiple offer situations on North Hills real estate is a buyer's biggest setback. Red Blue Realty presents 3 tips to help buyers compete when there are numerous offers on a single property.
North Hills, CA (PRWEB) December 07, 2012
Bidding on a property with multiple offers may be quite challenging for most buyers in the North Hills real estate market. Red Blue Realty presents 3 tips for buyers competing with multiple offers.
Focusing on a buyer’s individual offer
When a seller’s agent drops the bombshell to a buyer by telling them about a higher offer, it does not mean the end of the world. What is important for any buyer at this point is perhaps to focus more on their own offer. Spending too much time and energy figuring out what the other competing offers have may not be the best strategy.
If a buyer feels that they have found the home they truly desire, they should focus on utilizing their financial capabilities to write an offer as strong as they possibly can. Buyers are encouraged to only make offers they can handle comfortably, without feeling pressured to bid. Bidding often leads to an emotional purchase, which may end in a buyer overpaying for the property.
Focusing on giving the best but not necessarily the highest offer
Most people believe that homeowners who list their North Hills homes for sale determine who to sell to based on price. The truth is that homeowners consider many other things like: the buyers financial strength, contingencies, timeframes, and the down payment amounts.
Any buyer, really interested in a home, should first make himself or herself known to the seller or the listing agent. Visiting the property on a number of occasions and creating a relationship with the parties involved in the sale can easily make a good impression on the seller and listing agent. Visiting the property on numerous occasions will also allow the buyer to see the property in different perspectives at different times of the day and week.
To present an offer in the best way possible, buyers can consider introducing themselves through a letter to the seller. Attached to the letter should be the buyers pre-approval and offer to show the seller that they are serious. Asking for a short inspection period will help give the seller a feeling of trust, and make your offer seem strong. A seller does not truly have a sale until the inspection contingency has been removed, so offers with short inspection periods will give the seller the confidence in knowing that their time is not being wasted.
The earnest money deposit is also a vital piece of the offer that will show the seller a buyer is serious. An earnest money deposit of only a few hundred or a thousand dollars may give sellers the impression that a buyer is not serious. Therefore, buyers can put their best foot forward by issuing a modest earnest money deposit of 1%-3% of the prospective purchase price. The money is refundable in most cases where the buyer has not exceeded the contingency deadlines.
Negotiating with the seller
Irrespective of what the North Hills real estate agent that is selling the property says about other offers, the seller may still be ready to work something out depending on their unique circumstances. Legally, all offers are required to be presented to sellers. Buyers should not shy away from negotiating with property owners. In fact, someone who made a higher offer may only have viewed the property once or is yet to get pre-approved for a loan. Buyers should focus on their individual negotiations with the seller and avoid getting distracted by fellow buyers.
The above strategies will help buyers have a fighting chance on north hills homes for sale. The real estate market has changed drastically over the past few years, whereas the strategies that worked years ago simply do not work anymore. Christopher Rosiak, an agent of http://www.redbluerealty.com, can help buyers gain an advantage in this very competitive market.
Email: Contact (at) redbluerealty (dot) com
Phone Number: 1-(855) 66-RBREALTY or 1-(855) 667-2732
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