By financen | January 31, 2008 - 7:43 pm - Posted in Personal Finance

When you are out in the open market to buy a home and the number of sellers is more, it might be tough to make your offer get noticed to the seller of a home you love. Many sellers have multiple offers in order to get the highest possible price, with the simplest terms. Here are some instructions which you can use to compete in the market:

Sometimes, offering the highest bid isn’t the important thing, but it certainly helps a lot. You have to come clear with the maximum budget that you can afford to buy a home. Then you have to decide how much should be the price of that particular home you want to purchase. Is it really worth investing that amount in the home? If so, then go ahead and accept the deal.

Money is a very important thing in order to execute your financial decisions. If there are sticky terms attached, the seller might find the highest offer risky. If a buyer is looking to sell his home first, the seller keeps an eye on the time he might have been waiting before the sale is final. If a sale is immediate, it doesn’t hurt to accept an offer that may be couple of thousands lower than the forecasted price. This can work to your advantage if you wanted a house immediately with no delays or any strange clauses attached with the deal. Your offer stands out amidst all others who had better deals. Alternatively, the seller may want a delayed sale due to numerous reasons of their own. Being flexible to the needs will serve you the best if it’s the home you are in need.

Be aware that if you try to put any deadlines in front of the seller, he might get turned off and look somewhere else. Keep in mind that if the ball is in their court, they will not go out of their way just to adhere to your deadlines. Similarly, if they force deadlines on you, know the fact that they can accept offers from others also while they are waiting for your response. So if you have got a counter offer from the seller, its important that you reply to them as quickly as possible. Otherwise, you might see the deal gone to someone else.

Market keeps on changing everyday. If this is a seller’s market and you want to purchase a particular home desperately, don’t nit pick the seller about repairs. You can convince the seller to set aside a small fund that might be used to do the repair work of which the seller is aware of. If you try to add a new clause, the seller might sell the house to someone else in front of you. They want to move ahead, not to start something new.

Finally be sure that you are pre-approved for a mortgage. It will make your offer legitimate and you will know what your bidding maximum is. A sale can also go through faster if it’s the wish of the seller.

This entry was posted on Thursday, January 31st, 2008 at 7:43 pm and is filed under Personal Finance. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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