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Hello everyone:
Lots and Lots of buyers (and that means MANY), are sick and tired of "Bidding Wars". About half of the buyers I interview, tell me outright :"I dont want to have to compete for a house".The secret to getting a house WITHOUT a bidding war is really simple: PATIENCE. Working with a patient agent and having some patience yourself is usually rewarded at some point. Here is how:
Many agents like to list a house at 10 to 20K below it's value. I know: it seems wrong, crooked, shifty…..you can put any number of labels on it, and I wont argue with you. But its a reality in todays market. The reason for deliberately underpricing a house is simple: It generates "Multiple Offers" (Bidding War), and in such, the best offers come to the forefront.
Look at it this way: If YOU are the only person to make an offer on a house, I as your REALTOR® will advise you to ask for a Home Inspection, put as little money down as possible, and get a 3-day financing clause.Now take that same house, and we are competing against, say, 5 other offers. Guess what happens: The people that CAN write unconditional offers will do so, just to win the bidding process. Gone is the Home Inspection, the financing clause, and out come the 20,000-dollar deposit cheques.
Who wins? The home-owner, of course.So how does patience help? Every once in a while, a home-seller, or his agent, decide for whatever reason, to slightly overprice a house. Buyers recognize this when it happens (if they are working with a knowledgable agent), and tend to refrain from putting in an offer right away. So the house may end up on the market for a few weeks, and then go thru a price-reduction. But that initial pool of buyers have moved on, and sometimes the home-seller will find it tough to get them to come back. So this is where the patient buyer, with his patient REALTOR® come in.So far this year, my buyers have managed to buy a house for UNDER asking price on 10 occasions. Thats roughtly 50% of my buyers have managed to avoid a bidding war…..pretty good odds, I would say.Patience pays off.So if you're looking for a house or condo, and either dont want to, or simply can not get involved in a bidding war, CALL ME. Together we will find you a nice house or condo.
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Top-Producing REALTOR® with Re/Max Performance Realty. I work with Buyers and Sellers of homes and condos, with special knowledge in the field of Condominiums.
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{ 2 comments… read them below or add one }
I recently came across your blog and have been reading about buying a new home. I thought I would leave my first comment. I don’t know what to say except that I have enjoyed reading. Nice blog. I will keep visiting this blog very often.
One of the first decisions you need to make is whether you want to do your house hunting on your own. If you decide to go it on your own, you won’t be represented and may not be seeing ALL the homes on the market.