A stunning natural setting and fantastic quality of life make Bend, Oregon an extremely desirable place to relocate, and in turn, a competitive real estate market. What that means is, simply meeting the seller’s asking price may not guarantee you the property you have your heart set on. That doesn’t mean you don’t have a very fair shot at getting your offer accepted and moving into the new home you want in Central Oregon. On the contrary, we at Bend Relo will do everything we can to make sure you have the tools to win a Bend, OR bidding war. The following are tips and strategies for how to suit up, play and win.
Pay with cash
This one we have to get out of the way, right away. While it’s rarely a feasible solution for homebuyers, an all-cash bid is guaranteed to make a seller take notice. No mortgage means fewer obstacles and third-party complications, and who doesn’t like a pile of cash?
A very effective strategy for winning a bidding war on a property in Bend, OR is to offer more than the asking price from the gate. The important thing to remember here is to know your own parameters. An offer only slightly over the asking price may not have the impact you desire. An offer of tens of thousands of dollars higher than the list price can definitely put you ahead of the competition, and also put you in the uncomfortable position of borrowing more you can afford. Communicate openly with your Bend Relo agent to establish where your ceiling is.
A buyer that has their ducks in a row is ahead of the game when it comes to a bidding war on a new home for sale in Bend, OR. Not only does pre-approval inspire confidence in a seller, it gives the buyer an excellent idea of their price range. What does it take to get pre-approved? A prospective lender will require you to provide copies of documents including driver’s licenses, social security cards, bank statements, pay stubs, and tax returns. Actual approval of a loan comes later, but getting pre-approved gives buyers a significant advantage where competition for new homes is stiff.
Make earnest money count
Earnest money is a deposit you put down upon acceptance of your offer. One way to make earnest money work harder for you is to offer more of it. Your agent can offer advice on how large a deposit to put down, often configured as a percentage of the purchase price. Making your earnest money non-refundable is another way to gain an edge and secure the deal, but as this strategy carries a risk, it may not be the way to go for every buyer.
When it comes to winning a bidding war, you don’t want to be the squeaky wheel. Let it go, as the song goes, when it comes to contingencies that allow you to back out. Don’t compromise, of course, on potential safety and health hazards that come to light with a home inspection, but decide what issues you can live with, and live with them.
Make it personal
If possible, offer a human touch. Even if you’re buying a home remotely through virtual means and tools, try to find a way to meet the sellers and let them get to know you a little. Many sellers have emotional attachments to the home and neighborhood they’re leaving and will respond positively to a buyer who is ready to love their house.
A solid way to appeal to a seller is to honor their needs regarding a closing date. If a seller requires a bit more time to move and you can accommodate that, your offer becomes that much more attractive.
Be both the tortoise and the hare
In a competitive real estate market, it pays to move fast. The best way to prepare for a swift and successful bid is to know your price range, get pre-approved with a lender, and jump in quick. On the other hand, patience and resilience will serve you well in the long run. If one offer falls through, you and your Bend Relo agent will be prepared to make a winning bid on the next, great home on your list.
Talk to the team at Bend Relo for details on how to set yourself up for the win and make your ideal new home your own in Bend, OR.
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