Imagine this, you begin your search online, and you find 5 perfect homes. You call up your agent and go out on a Saturday morning to look at the options. You fall in love with one of them, and have your agent write up a purchase agreement. Once you sign it and have your agent submit the offer to the listing broker your agent hears from the broker that there are several offers on the table and the home has only been on the market 1 day! This is not an uncommon scenario in the current market! In Fishers, Carmel, Zionsville, and Geist, where I specialize in selling Real Estate I see this almost every week! So what do you do?
Most the time they ask you for your highest and best offer. Have your agent run the numbers and if they specialize in the area they should be able to provide you with the value of the home. Imagaine the home is listed for $400,000, but it’s worth $425,000. Would you be ok with paying $425,000 for a house priced at $400,000. Well the answer is if you really want the house pay market value for it and as long as no one overpays you will get the home. If you are unwilling to pay over asking for a home then you may not get it! Many people are paying over asking right now and the good thing is your lender will have an appraisal to justify the value. If you offer too high and the value comes in lower the owners will more likely be willing to negotiate down to the market value unless they have a cash offer higher then the market value! Be aggressive, don’t overpay, but don’t underpay!
Second, make sure to make your offer clean. Have your agent figure out with the other agent what the ideal closing time is with the seller. Is it today or is it 60 days from now? If you match what the seller wants in terms of closing date this could help you offer significantly. Do not add any contigencies such as a home to sell, sellers do not like to see this. Pay your own closing costs, many buyers ask seller to pay their closing costs and if you pay your own it looks much cleaner and you are possibly a more financially sound candidate!
Feel free to contact me anytime to speak about this situation in more detail. If you are not winning in bidding wars and you cannot figure out why I am able to help! We may be able to offer you some great advise on how to get you the home of your dreams!
Andrew Neal, RE/MAX, 317-371-8133 or andrewneal@Remax.net
Northside Indy, Fishers, Carmel, Zionsville, and Geist Expert Award Winning Realtor