4 Tips to Beat Your Competition and Get Your Dream Home
Winning your dream home is not always about offering the most money. This may seem odd and hard to believe, but sometimes a seller is looking for something else. Being prepared and giving them the perfect scenario they are looking for will help ensure that your dream home’s bid gets accepted.
- Prepare Early
There is nothing more frustrating for a seller than dealing with a buyer who has not even began to prepare for the purchase. They do not know what is on their credit and have not started gathering the documents needed to apply for financing. If you are prepared, you have a better chance at getting your dream home. A seller is going to naturally choose someone who has at least secured financing. Otherwise, they know the sale can get dragged out for a very long time and end up dying completely if financing isn’t secured.
- Look at Comps
If you were selling a home, comps would be very helpful to use to determine selling price. As a buyer, comps are just as helpful. In a popular neighborhood, leading with your best option is always recommended. To determine that figure, explore comparable sales to get an idea of how much the house will end up selling for when the bidding is done.
- Find Out the Seller’s Timeline
Chances are good that the seller has a timeline they are trying to meet. Maybe they are relocating for work and need everything done by a certain day. Perhaps they need to be able to rent their home temporarily while they close on their new home. When you find out the details, you can appeal to their needs and put yourself and your offer in a strong position to win out in the bidding process.
- Lighten Up on the Contingencies
You want several small issues taken care of before you move in, but at what cost? A seller who is also busy looking for a home and preparing for a move is not going to want to take care of a long list of contingencies. So, focus on contingencies that really need to be done and take care of the rest after you move in.
You have probably heard a number of tips for what is the best strategy for bidding on a dream home. You have been told to get pre-qualified and lead with a lowball figure, but these tips could backfire on you and cost you the dream home you are trying so hard to buy.