Winning the Bidding War: A Guide for Aspiring Homeowners

Описание: In this video, I share how to prepare to prepare a bid to win in a hot market when there are multiple offers.

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Having been in the property business since 2002, and servicing states from Pennsylvania to Florida, I've seen the real estate market go through various cycles. Recently, I’ve noticed that bidding wars are back on the rise. They can be intense and somewhat overwhelming. So, if you find yourself caught in the middle of a bidding war for your dream home, here are a few strategies that could help you emerge victorious.

Disclaimer: These strategies aren't a one-size-fits-all solution, and may not be recommended for everyone. They're simply ways that could potentially tip the balance in your favor.

Strategy #1: Waive Your Appraisal Contingency

In hot markets, one way to stand out is by waiving your appraisal contingency. In layman’s terms, this means that if your chosen property doesn't appraise for the agreed-upon price, you're willing to cover the difference. This can be a risky move, so be sure to weigh the pros and cons before making a decision.

Strategy #2: Put More Money Down

If you have the financial means, increasing your down payment can make your offer more appealing to sellers. Another way is to increase your escrow money deposit, which is money you place in escrow as a sign of good faith. For instance, if a seller sees one contract with a $5,000 deposit and another with $10,000, the larger deposit might be perceived as a sign of a more serious intent to purchase.

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I am licensed to operate in Florida, New Jersey and Pennsylvania. and can guide you on everything that you need to know about the housing market and the home loan process to make your home buying experience easy and exciting for you!

#LeonBelov #RealEstate #Mortgage