Inventory is still tight during the 2014 Orange County Real Estate market and bidding wars are commonplace. Most home buyers don’t want to keep searching for homes when they think they’ve found the perfect home in the right neighborhood and in the best school district for their children.
Although being engaged in a bidding war can seem a little intimidating, it doesn’t have to be, especially if you follow these simple tips for winning a bidding war.
Have Your Lender on Standby
Before you start searching for an Orange County Home you should make sure you have all of the financial details necessary for you to get fast approval on a home loan are taken care of. Once you submit an offer on a home, and it’s accepted, you can get fast approval from your lender.
Come With Plenty of Cash to Close the Deal
Although you may have been able to get pre-approval for a mortgage, you should also be ready to put down at least 20% on a home and have money to spare just in case you need to make up any difference if the home appraisal is lower than you expected.
Have a Fast and Personalized Approach
In the Real Estate market the key to success is working fast and this means you shouldn’t just visit a home the day it comes to market. You should also work fast to make sure you have a personalized approach so your offer stands out from other buyers who may be trying to purchase the same home. By personalized approach we mean you should ask your Orange County Realtor to talk with the listing agent and find out what is exactly motivating the seller. Writing a personalized letter to the sellers will also help when going up against similar offers as well.
Do they need something like a post-settlement rent back?
Whatever the seller needs, you should be willing to work with them (within reason). This strategy could mean the difference between your offer being accepted over others or being rejected.
To learn more tips on how to win a bidding war, or to view the latest Orange County homes for sale, contact Fred Sed & Associates today by calling us at (949) 272-0125.