Uncategorized April 26, 2016

How To Win The Lynden Bidding War

Properties are selling within a couple of weeks of being on the market and we have just entered what is generally known as the busy season of Lynden real estate. Around the nation, bidding wars are back and also happen to be a very common aspect of the Real Estate process when in the midst of a seller's market. If you are looking to buy in Lynden, you might want to take note of the following tips of what to do…..and what not to do!

First, establish if you are even in a bidding war. While homes are moving faster and bidding wars are ramping up on certain homes, you may be the only offer on a house making the process a breeze.  There are a couple indicators in addition to the information that your qualified Lynden realtor will tell you. For example, if an open house is packed full of people, chances are there will be multiple offers.  If you already made an offer and your agent tells you that the seller has received higher offers, this means you aren’t the only person interested in the house.

If you experienced one or both of these, there are some things you can do to get to the top of the list and this is where making sure you picked an excellent Lynden real estate agent comes in to play. A seller wants things to be organized. Especially when they are dealing with multiple offers.

  • Do a little leg work and try to find out ahead of time if there are key details that are very important to the seller that they hope to see in an offer. For example, they may want to stay in the house a couple months after closing and pay you rent. If you can be flexible about that term, put it in the contract. If they are dealing with multiple offers and one person is willing to budge and another one isn't, they will likely go with the buyer who is more flexible.
  • Make sure the purchase & sale contract is in order and properly signed in all the right places. This will trump an offer that comes in pieces at different times and is missing half the crucial information. Be sure to included proof of funds along with the pre approval letter in the offer.
  • Most importantly, do not lowball. This is not the time or the market. This is, however, the time to get yourself noticed in a good way so chat with your Realtor on what figure is strong enough to get you this home for sale in Lynden.
  • Add an incentive (if you can). Pay with cash if possible, offer a bigger down payment, or pay the seller’s closing costs, or a portion of.

Now, let's discuss some things to NOT do if you are serious about getting your offer accepted. There are ways that you can actually hurt yourself (and your chances of coming out on top) without realizing it.

  • Do not overextend yourself. Realistically pick your max number and what you can do, and stick with it. If you set a price and you lose, move on to the next house.
  • Do not move at a snails pace. In most situations, a seller wants to close fast. Make the offer with the least amount of contingencies possible and be flexible with their closing timeline. Do not skip the inspection though. Depending on the house's age-this could cost you a lot of money in the long run.
  • Do not put in an offer and then leave for an area where you are unreachable. Your agent needs to be able to get in touch with you and you need to be able to fill out paperwork, sign and return in a timely manner. Do you really want to spend your vacation running back and forth to the hotel business center? Probably not. Being out of touch also adds an extra level of difficulty, whether it is a time difference, lack of service, scheduling inspections, appraisals, etc.

Once again, the most important aspect of the Lynden real estate process is making sure you pick a quality realtor that knows the market and can advise on every step of the transaction the whole entire way. If you have any questions, call me at 360-410-0848