With the Triangle real estate market continuing to flourish, it’s become more and more competitive for home buyers to secure their dream property.
Oftentimes, buyers are finding themselves in a dreaded bidding war, facing equal fears of losing the home they want and paying too much for it.
That’s why a few weeks ago, I started a new blog series on bidding wars. Each week, I tell you a new tip that will better prepare you for winning a bidding war should you encounter one.
Tip #3: Home Sellers Don’t Have to Consider Offers from Buyers in the Order They Were Received
Forget the saying, “First come, first served.” It’s just not true on the Triangle real estate market these days.
Although being the first in line may help grab the seller’s attention, it’s not a guarantee that your offer will supersede others.
If a home owner receives a better offer before the first offer is signed by the seller and delivered, the seller can immediately end negotiations with you.
In fact, because of the listing agent’s allegiance to the seller, they will typically contact all other agents with interested buyers after you present them with an offer. After all, it is their job to bring their seller the best and highest offer.
If you really stop to think about it, bidding wars are a dream for a home seller, even if they’re a nightmare for home buyers. The more offers on the table, the more they will drive up the home sales price.
So how do you not only grab the seller’s attention but keep it? When you find your dream home, move fast and come to the table with your best offer. And remember this important fact: An offer is not a contract until it is signed by all parties and delivered back to all parties.
A verbal agreement is a good start but it’s not binding. Get the signed contract in place.
Happy to Help You With All Your Triangle Area Home Buying Needs
We hope you’re enjoying this series and finding it helpful. Check back next week for our fourth tip on how to navigate a bidding war as a home buyer on the Triangle area real estate market.
In the meantime, contact us at Linda Craft & Team for additional home buying tips and information. We are always happy to assist you by providing valuable resources, straight-forward advice and years of expertise.
Until next time,
Linda