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Bidding on a Deal: Some Considerations for Buying a Home

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By : M Shane    99 or more times read
There are currently many home buyers looking to take advantage of the glut of foreclosures and short sales on the market. Some of the better priced homes are getting snatched up quickly; these fast transactions are making some home buyers make hasty bids on properties which they may come to regret. There are few ways to help you go about buying a home that you won’t regret though.

One of the biggest problems when buying a new home is not having enough information to base your decision on; even if you are in a hurry to put in an offer on a house, any house, make sure you have enough information to make an informed choice. It’s understandable that with the clock ticking away on tax breaks and government stimulus dollars that prospective buyers would want to get a home picked out and purchased as quickly as possible but it is really in your best interest to take enough time to know what you’re jumping into before you’re stuck paying for it for the next thirty years. Make sure that you have the property inspected before you sign your agreement and add a clause to have the homeowners fix or pay for any major problems.

Make sure that you not only take the time to find out what the home’s condition is like, but also what the neighbourhood is like. Check out what the traffic is like around the home at various times of day, including when you need to be travelling to and from work.

There are some things that you should be willing to offer when you’re making a bid on a home, particularly if you’re concerned about other home buyers snapping up the home that you’ve got your heart set on. One of the most important things that you can do as a prospective buyer is to get yourself pre-approved for a mortgage so that you know exactly what you can bid. Also, try to have as few contingencies in your offer as possible; a simple strong bid will make you much more appealing to the sellers than a convoluted offer from buyers looking to spend as little as possible. Be aware that many homes are being sold for more than their asking price, particularly when there are multiple offers in the works.

Whatever the strategy that you use to purchase your home, remember that caution can be your best friend; be sure to take the time to research homes in your area so that you purchase one that will meet your needs for years to come.

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