With the local real estate inventory being low, Medina County homebuyers are more likely to encounter a bidding war this summer. Even if you are an old pro in purchasing homes, you may come with the mindset that the largest offer gets the property— that’s no longer the case! Home sellers are leaning more toward accepting the offer that comes with the least amount of strings, including pre-approval and even strictly cash offers. Let’s take a look at a few more ways you can prepare to win a bidding war in Medina County real estate this summer:
Be Prepared
The easiest way to start out on the right foot— come prepared! After all, you might only get one shot at putting your bid in on a home in Brunswick, Hinckley, Medina or Strongsville. “Sellers want to see you’ve got a mortgage pre-approval and can close on the loan quickly,” says Fox Business. It’s essential that you include the proper documents that convey you’re more than ready to purchase the home, for instance documents that show your ability to cover a down payment and closing costs.
Pay with Cash
If your budget allows for a cash offer, go with that. Cash sales are becoming increasingly common in real estate and are one major way to win a bidding war. A cash offer shows the homebuyer has the funds to purchase the home and does not need to wait for a mortgage approval to process. The wait time is shorter and there’s no need to worry about financing not coming through.
Present Your Best Image
In some cases, coming out on top in a bidding war is not just about the numbers. Fox Business suggests many homebuyers have taken to writing a personal letter to the seller. “Be specific in conveying what you love about the home and your plans for it,” the news outlet says. The process of selling your home can be an emotional process and receiving a letter puts a face and story to the offer. It may not be for you, but at times, that’s just what a seller needs to feel more comfortable about the home sale.
If you’re ready to purchase a home in Medina, Valley City, Columbia Station, North Royalton, Brunswick, Hinckley or Strongsville this summer, BOLD Real Estate Consultants can help you from start to finish. Let us help you make it through the bidding war and successfully move into your next home.
Sajag Patel
BOLD Real Estate Consultants
440-879-7260
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