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Successful Bidding on a New Home



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By : Mike Taylor    99 or more times read
Currently the housing situation in many areas of the country is such that sellers arenít just finding one buyer for their home; multiple buyers are making offers on a variety of homes. This is great news for sellers, but can make things frustrating for many home buyers who are working with outdated information about bidding on homes.

It used to be that the standard offer in a home was about 5% less than the asking price. In a housing market where there are more sellers than buyers this is a good strategy to use; but in many places across the country this isnít the ratio that weíre seeing in the housing market at present so this strategy is failing pretty miserably for many prospective buyers.

In a market like weíre seeing currently, with a great number of buyers looking for homes to buy, it is a lot less likely that you can purchase a home for less than the asking price, much less 5% under what the sellers are asking for. There are a number of ways that you can increase your chances of winning that bid on the home that youíve got picked out if youíre smart about it.

First of all, make sure that you get your mortgage pre-approved so that you know exactly how much leeway you have; as an added precaution, draw up a budget so that you also know what kind of payments that you can afford as well. The amount of money that you can get a mortgage for is NOT the same as the amount you can afford to repay, so make sure that you have a good idea how much you can afford monthly for the combination of mortgage, taxes, and home upkeep.

Donít choose homes that have listing prices which are too close to the top end of what you can afford to buy so that you donít have any room to make a higher offer in the eventuality that another buyer also puts a bid on it. Itís best to have some room in your finances to be able to offer a few thousand more to make your bid stand out. Be prepared to make an offer thatís higher than the asking price by an add number to make it stand out from other offers as well.

When you do make an offer on a home, try not to have any contingencies on it. If a homeowner has two offers and one of them hinges on a home owner selling their home while the other one doesnít, then the seller is likely to take the offer with no contingencies even if itís less money.

Your Realtor ģ should be able to help you with making a bid on any home that you are interested in buying, take advantage of their expertise and experience to help you buy that dream home!
For information on Destin real estate, contact Michael Taylor, your Destin FL real estate expert, at DestinRealEstateSales.com

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