The real estate market is red hot right now — for sellers. That means bidding wars among buyers are more common than ever, which can lead you to ignore red flags and ultimately make a poor purchasing decision.
Assembling the right team — a real estate agent, real estate attorney, lender, inspector and in some cases, a licensed contractor — will help you assess risks to successfully navigate your way through the challenges of a competitive seller’s market.
Qualified professionals are just a click away in amNY Home Pros — and they can help determine whether common bidding war tactics, like the three below, are prudent for you:
- Pay in cash
This is the obvious option, but not always an available choice for people. Still, a cash offer proves to the seller that you’re serious about the property, and it’ll often speed up the closing process. But make sure you tap into your team and have the property appraised and inspected before finalizing any purchase.
- Offer concessions to the seller
A typical tactic in a bidding war is for the buyer to offer to pay a portion of the seller’s closing costs, and allow the seller to remain in the home after closing for a set period of time rent-free. But check with your real estate agent on the wisdom of these or other potential incentives for the seller to close with you.
- Accept the home “as-is”
Buyers will try to get a leg up by waiving the right to ask for repairs. Check with your inspector before you go down this road — they can tell you if you’re making a big mistake.
Now there’s one place where you can find all of your real estate team members. The amNY Home Pros directories are bursting with real estate agents, real estate lawyers, mortgage professionals and insurance brokers. Each listing includes project galleries, bio information, testimonials, and contact information so you can reach out to them directly.
Check out amNY Home Pros here to begin your real estate journey.
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