Posted at 2/7/2013
Most residential real estate buyer and real estate agents is not being thrilled in different bid situations. On the other hand multiple bid situations are very stressful for listing agents and real estate sellers. Fact is that multiple bidding situations is the life of real estate market, if you are a buyer or a seller, you have to be prepared for the multiple bidding situations that might happen.
Multiple bid advice for real estate buyer
Accept the current situation – if you lost your dream home in the first bid, accept it, if you lose again in the second bid accept it. Constant losing in different bidding situations should not make you lose hope in finding your ideal home. Accept that the situation that there is a very tough competition in real estate market, just play the game.
Be prepared to act in any given situation, know the market, and know what you want – many real estate agent are holding off to show in the day of bidding sessions, after one or two days they will be reviewing the offers of their buyers. It only means that as a buyer, you only have limited time to look around the property you want to buy. Enlist a buyer’s agent as possible in order for you to become in the comfortable side.
Put your best – to get the property you want, you have to give your best during a multiple bidding situations. The best way to stay on the bid process is to offer high price than the given price.
Do not under estimate the term of your offer – price is very important but also consider your approval strength., your willingness to work on the sellers scheduled date, your down payment amount, and how your real estate agent represent you. You agent must present you as a knowledgeable buyer, and committed in buying the property.
Don’t let the Hype Swept You – Know how much is the property worth for you and set a limit on how much are you going to spend for that property.
Advice for Real Estate Sellers
Make A discuss plan for the showing and offer – Make sure that you and your agent has a systematic plan on how to discuss the showings. Make sure that your clients will have time to participate in your showing, and discuss the offer when all the buyers have arrived.
Don’t pull all the weight of the offer on price – when you are reviewing multiple of offers, do not just weigh your decision based on the price of your real estate property. However the amount of the down payment for your property is important. If the down payment is bigger, it will lessen the tanking of the multiple bids. Consider the buyers strengths of pre – approval, review the contingencies of the buyer and lastly try to get the sense of attitude of the buyer towards buying your property.
Be Happy – You are truly very lucky to maintain your home value for a very long time. Remembering things like this will help you especially during stressful times.