Biggest Mistakes in Bidding Wars

Biggest Mistakes in Bidding Wars are here! Are you home buying on The Main Line but seem to be cursed when it comes to getting your offer accepted? I represent Main Line buyers and I am here to tell you, there is no need for superstition, you just need the right realtor, who knows the biggest mistakes in bidding. First, take a deep breath, if you have been searching for a home only to have your dreams dashed or become swept up in competition, relax. More homes are coming on the market and we will find you the right one. Next, do not make the mistake of emptying your bank account to try to win an offer. Sometimes the terms are more important than offering the most money. Escalation clauses, seller rent back are two options that are not tons more money that can help you secure your offer. The next big mistake is buying without contingencies. This is a huge huge no. This may be your biggest investment and contingencies protect your investment. Some contingencies you can forgo and others you really cannot afford to, when you talk to your realtor, they can advise you which to forgo and which to keep. On the other hand, there are other buyers that are bidding with too many contingencies. Bidding with a financing contingency is a big no. Have your financing in order and search for a home that is on the low end of what you are approved for, that way you have an advantage and will not go over budget. Another big bidding deal breaker, using the words best and final offer. This seals the deal and means the negotiation is done, let your realtor determine what the final and best offer should be. Understanding the seller motivation and being a good communicator with a listing agent is part of why you hire a good realtor to represent your interests. Let your realtor negotiate for you. Lastly, not understanding a homes true value when bidding. This is probably the most compelling reason to enlist the help of a local expert in buying a home. It might be remodeled to perfection, but in school districts that are not the best, or it might be in the best school districts but is located in an area that really isn’t great to live. I am so honest with my clients about the good bad and ugly, although there isn’t much ugly here on The Main Line, and I always do my best to advise clients of the virtues and pitfalls of the various areas of The Main Line. If you are interested in learning more about real estate opportunities on The Main Line PA, I encourage you to reach out to me. I am a Gladwyne native and have two boys who attended school on The Main Line, so I really know what this area has to offer. Let’s take this next step together.

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