Here we go again. Due to low inventory some markets are starting to heat up and multiple offers is becoming the norm. How does a buyer maneuver and successfully bid on one of these homes?
#1 - I always tell my buyers try to purchase as a business decision and NOT on emotions.
I understand a home comes along and it has everything you want and you just have to have it. Please remember what has คอนโดมือสอง กรุงเทพ happened in the recent years to those homeowners who bought on emotions and not out of a business sense.
#2 - Please remember appraisal standards are very tough today... You may have to bring in cash to cover the price offered vs what the home appraises for... ARE YOU prepared to dish out thousands of dollars on top of your closing costs and down payment? If not do not bid high on these homes. DO NOT TAKE out the appraisal contingency of your contract.
#3 - Many times it is the strength of your offer, not necessarily the price that will make or break a multiple offer situation. Write up a clean offer, don't ask the seller to do this or that, keep your contingency periods to a minimum, make sure your loan officer is on board so you can close escrow within 30 days or less, provide up front a pre-approval letter subject only to satisfactory appraisal and ratified contract.
MOVE WITH CAUTION in overbidding... Do NOT get caught up in the FRENZY...
I just saw a post on Trulia where buyer won bid in multiple offer situation, is now having second thoughts it will appraise and the buyer omitted the appraisal contingency from the contract. Does not want to bring in cash to the table and is wanting escape route from contract if appraisal does not come into value.
It appears that many did not learn from the recent events that spun our nation into a financial crisis. Make sure your Realtor has done their homework to provide you with the latest comps, tax basis for the home of interest, current trends and speaks with your loan officer as to the most ideal mortgage situation for your personal needs. The rule of thumb is to make sure your mortgage does not exceed limits that you if and/or your spouse became ill or lost their job would hamper your ability to pay your mortgage and keep a roof over your head. In some cases it will be appropriate to overbid but keep in mind the appraisal and whether or not you have the money to pay the difference if home does not appraise for what you offered. Also take into account how long you think you will be living in the home. Do not gamble with your financial stability. Play it smart. Think long term.
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