How to Win a Multiple Offer Bid in Greeley Colorado without Losing Your Shirt, by Marc Oster Greeley CO Realtor.
One of the worst things that can happen during the home buying process in Greeley Colorado is to finally find your dream home, only to discover that someone else is already bidding on it. When this happens, how can you win your dream house without losing your shirt in the process? In this article, we'll cover some of the more important points to winning a multiple offer property in Greeley Colorado. You might think that in this economy multiple bid situations don't happen. They do mostly on foreclosed homes that the bank has really priced low. I had this situation 5 times in the last year on 5 foreclosure listings. In fact the other day I showed a foreclosure home that had 3 offers on it.
Tip #1 - Know Your Limit
It's tempting to increase your bid based on emotions during a bid war. Buyers are often willing to pay more out of competitiveness, feeling that something they want is being taken away, or just plain rationalization.
This trap can cost you thousands of dollars. Instead, do your comparative analysis of the properties nearby, choose the highest number you're willing to pay for this property and stick to it.
Tip #2 - Have a Real Estate Agent That's Looking Out for You
Remember that real estate agents are paid based on the selling price. There are agents that will look out for you and have your best interest in mind, while other agents would rather increase their commissions by convincing you to place a higher bid.
It's important to have a real estate agent you can really trust during the process.
Tip #3 - Make an Impression on the Seller
Be more than just "Buyer #2." Meet the seller and make sure they know what you love about the house. They usually love their house as well and want to sell to someone who'll love it just as much.
Have the seller know who you are. Even if your bid is slightly lower, a seller may sell you the property just because they like you.
Obviously you can't do this with a foreclosure or bank owned home. In those cases you need to make sure your offer relects your ability to close in the easiest way possible.
Tip #4 - Remove Conditions
The less conditions you have on your contract, the better. Call up your loan officer and make sure you can get approved for the loan and remove the financing clause. The cleaner your contract, the more appealing it will be for the seller.
These four tips will help you bid on a property in Greeley Colorado without losing your shirt. Keep them in mind if you find yourself in a multiple offer situation.
There is a lot of free information available to you about buying, selling or investing in Greeley Colorado and Weld County real estate. For complete information about the Greeley Colorado real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything Greeley Colorado real estate at www.greeley-weldcountyhomesforsale.com. So please feel free to contact me with any of your real estate or mortgage related questions and I will be more than glad to answer your questions. Call me on my cell at 970-302-1222 or email me using the form below.
Marc Oster
Y and M Real Estate LLC
