How Can You Win a Bidding War in Orange County?
For those of you looking for a home in the Orange County area, there are a few different ways to go about getting your hands on some real estate. The housing market is great for buyers at homes are at great prices allowing you to snag an amazing home at a price you never thought was possible. Here are some tips at winning the bidding wars in the real estate market these days.
When it comes to getting an application qualified, sellers are worried that the buyer's loan will get rejected. However, borrowers are giving them info in regards to their assets, earnings and other debts they have and this is how they estimate the mortgage someone can afford or how much buyers qualify for.
Preapproval simply means that employment info was given as well as assets, credit and income. Pre-underwriting takes things to a deeper level and requires the buyers to go through the process and pending an appraisal after the home the playing fields are level.
Cash Offers
If you offer to pay cash for the home of your dreams, chances are you're going to look more attractive in the eyes of the seller than someone offering to pay more for the home. Sellers want the process to go as quickly as possible and like hassles to be eliminated as well. Sellers would prefer to get an all-cash offer as opposed to waiting for sellers to go through a long loan process. This is also how you can get a great home at a lower price.
Never Avoid Inspection
Some people feel that they have the abilities and the skills to determine what's wrong with the home on their own and in fact, home inspectors go into so much detail that they can find problems you may never have known existed. This allows for wiggle room in regards to the final asking price and means you may get your dream home for a lot less money.
Highest Offer Wins
Is this even true? It's always important to make sure the offer you submit is a solid one. Sellers want to deal with buyers that are serious about buying their home, and some may even ask what it is about their home that makes you want to buy it. They want to know the home they worked so hard on is going to be taken care of the right way.
Keep in mind that homes that are recently added to the market will typically have bidding wars. If you want to have a better shot of winning, stick with homes that have been on the market a long time. You may be able to strike a better deal.
