| Multiple offer scenarios often create panic | | | | in the area and work with this price. Remember |
| amongst home buyers who have found a home | | | | not to pay more than a realistic market price for |
| of their dreams but now have to battle with | | | | the area. |
| other buyers who may bid on the same house. | | | | Do not put too many conditions: A seller would |
| Usually, sellers set low prices to get bids from | | | | usually approve of an offer that does not have |
| various buyers and give a date on which the bids | | | | too many conditions in it. A clean offer has more |
| can be presented. When the buyer decides to | | | | chances of success and can even beat a bid that |
| battle a bid, he must prepare well for the tactics | | | | is slightly higher priced. |
| from both seller and other buyers. It is quite | | | | Be wise: Get a home inspection done by your |
| possible that a bid from a particular buyer is sent | | | | own expert, before you enter the bid. Although |
| back by the seller for improvement. The seller will | | | | you will be required to pay for this inspection, it is |
| usually do so to match higher bids from other | | | | worth knowing the repair costs before you bid |
| buyers, or he may just be hoping that the | | | | for the home. |
| particular buyer increase the bid amount. In such a | | | | Be novel: In a multiple offer scenario, the buyer |
| situation, the buyer can take a chance and | | | | should always quote a slightly higher price than the |
| resubmit the same bid, or he can improve the | | | | price of the home on offer. By doing this, the |
| offer by raising the bid amount and removing | | | | buyer can make his offer stand out from the |
| conditions. | | | | rest of the offers. |
| When a buyer is involved in a bidding war, it is | | | | Be obliging: It is important that the buyer meets |
| easy to get caught up in the frenzy of bidding | | | | the sellers' conditions and closing date. |
| and pay too much for a home. So it is very | | | | Be smart: Knowing the number of bidders before |
| important that the buyer keeps his emotions in | | | | preparing the offer can be very helpful. If there |
| check and does not get too serious about the bid. | | | | are no bidders, then an offer just above the |
| Some other strategies that can be of help to | | | | selling price of the home can help the buyer strike |
| buyers are: | | | | the deal. |
| Prepare well and be alert: As soon as the seller | | | | Buyers should always remember that they don't |
| puts out a "buy my home", "buy my house now" | | | | have to have the home being offered. There will |
| or "need to sell my house fast" advertisement for | | | | always be more homes on sale and some of |
| the buyers, get a pre-approved credit and a final | | | | them will be better than the one on offer. By |
| number for the amount you can bid for the | | | | keeping the above tips in mind, a buyer can |
| home. Examine the selling prices of similar homes | | | | certainly be a winner in a multiple offer scenario. |