Most of the time, there will arise a situation wherein there will be multiple offers for a home. This is really great from the seller’s point of view but it is not good from the buyer’s perspective. Buyers feel insecure when the homes they are targeting gain a pool of offers. Then they have to employ various ways to stay on top of the competition. Dc Fawcett, a real estate investor, who shares his knowledge on real estate in his blog. Virtual real estate investing club gives guidelines or Tips to help home buyers to gain an edge in a multiple offer ball game.
Tips to help home buyers by Dc Fawcett
Make sure that you have a secure source of finance
Sellers tend to select you as the new owner based on your finance source. If you don’t have a strong financial source. Sellers will not make the offer to you since they may incur a loss.
Make an advance home inspection
Sellers offer homes more readily, if the offer does not contain the “subject to an inspection” clause.
Gauge the competition
Work with your realtor to evaluate the competition. Find out how many people are involved in the race. Are you contesting against a single family or are multiple families involved?
Decide on the price firmly
Establish the price firmly. Tell yourself that you want to pay only this much for the home. You will not regret later on, if you end up losing your home by a few thousands even. You can make a bully offer. A bully offer is something when you make the offer to the seller before the laid down date. In this way, the seller will consider your offer above all others. But, bully offers are associated with risks. Sellers will quote higher if you are in a rush. Sometimes sellers will not be impressed by your hurried approach and so on.
Make a huge down payment
Paying huge sums of money in advance will portray your strength to the seller. He will make the offer with a lot of confidence. Making huge down payments will expedite things with you money lender as well. He will issue a mortgage with ease and without doubt.
Good faith deposit
Make a huge good faith deposit. This deposit is separate from the purchase amount. The larger the deposit, the higher the likelihood that the seller will make the offer to you. The deposit indicates your seriousness in buying the home.
Make sure to get everything in writing
Don’t make any oral agreements. Have everything written and signed in paper form.
These are some of the suggestions given by Dc Fawcett to home buyers when they encounter competition from multiple offers.DC Fawcett is an expert real estate investor and teacher. However, there are lots of complaints against him in various blogs in the internet. These are done with an aim to tarnish his reputation. These are just scams. Following,his advice will definitely benefit people in the real estate field.