The housing market’s current state is a sellers’ market as increase demand for homes runs rapid throughout the country. The competitiveness to secure a bid and ultimately own a desired property can be an aggressive task if a potential buyer is up against multiple contenders. Due to this, it’s crucial to know a couple of helpful tips that can give you a boost during the bidding process.
The first takeaway that can give you a leg up during the bidding process is making a cash offer.
There are many benefits doing this if the buyer able too. Most of the time allowing the buyer peace of mind knowing the deal will most likely close by providing proof of funds, it eliminates the fortuitous process of a lender’s mortgage approval. On the flip slide, if a buyer is seeking to take out a mortgage loan, it’s best to be preapproved before placing a bid. This not only secures the notion of receiving the loan but also aids and reinforces the security of the bid.
Overall, in order to get an advantage during a bidding war with multiple contenders for a property, it’s important to secure and strengthen your bid whether it be with an all-cash offer or mortgage loan pre-approval.
With the market presently being a sellers’ market, the more a buyer can demonstrate the legitimacy of their offer, the better chance they have at closing the deal