When it comes to finding a home you want to purchase, there are a lot of steps involved, especially those that pertain to your finances. Once you have secured funding for the home of your dreams, you might think all that is necessary is to sign some paperwork and the home is yours. But sometimes just being financially capable isn’t the only thing stopping you from purchasing the home of your dreams.

If you happen to be seeking a home that is desired by another prospective home buyer, you might find yourself in the middle of a bidding war. If this somehow happens to you, it’s normal to get a little nervous you could miss out on the home you wanted, but there’s ways to beat that other contender out and we can show you how to do just that.

The first way to win a bidding war might seem so simple you overlook it, but it’s fairly straightforward, and that is to pay cash. If you are able to pay cash, that is one way to edge out the competition. Even if you’re not able to pay the asking price in cash, you can always offer what you have available as it secures the deal while the other client is dealing with financing.

If you are working with a lender to buy your home, do your best to get pre-approved as soon as you find the home you want to purchase. You won’t be able to finalize the deal until after the home has been inspected and approved, but it can definitely help you lock in the deal if you’re concerned about competition.

It’s always a good idea to research when you’re buying a home. Getting up to date information regarding the market will help you know how to best negotiate. It will also give you a better idea of what the going rate is for homes in the area so you’re not over-paying even if you are dealing with competition.

When it comes to inspections and other specific details of the home purchasing process, try to be flexible. Sometimes things don’t go exactly the way either party had hoped, and making the process easier on the seller will make them more likely to do what they can to work with you and not back out on a deal once it’s in the works just because someone else comes along with more money.

It also helps to be personable with the seller of the property. Due to the fact that purchasing a home is a big financial commitment, it can get easy to get lost in the transactional details but it’s important to take a step back and look at the process for what it truly is at heart. If you are able to connect personally with a seller, they will be more likely to work with you, especially if it’s a home that has been in their family for an extended amount of time.

Winners Never Quit

We’ve all heard the phrase, “winners never quit and quitters never win”, and that same thinking can be used when purchasing a home with other possible buyers. Don’t be afraid to make the first move and keep going until you secure the deal. If you need help with the process, don’t hesitate to reach out to the team at North Star Mortgage Network today!