If you are checking out Forest Hills homes for sale, you’re probably familiar with bidding wars. Hopefully, your real estate agent has prepared you for this possibility. Perhaps you’ve even been wrapped up in one! Unfortunately, since you’ve landed here, we’re guessing that you probably haven’t come out victorious.
Not to worry! We’re not strangers to bidding wars either. The next time you’re in a hot competition for the best home on the block, we want it to be yours! Here are a few of our favorite tips for winning bidding wars for Forest Hills homes for sale:
- Get a mortgage preapproval.
If you enter the real estate market with a mortgage preapproval in hand, you are leaps and bounds ahead of buyers who haven’t taken this step. A mortgage preapproval shows sellers that you’re a “sure thing” and that you are in a solid financial position to purchase their property. - Use an escalation clause.
An escalation clause states that you will outbid any offers on a particular property by a certain amount, escalating to the upper limit of your budget. Here’s what it looks like: If you are interested in a home that is listed at $500,000, you might offer $510,000. If your budget caps out at $530,000, your escalation clause might state that you will automatically outbid any competing offers by $5,000, with a maximum amount of $530,000. - Make a cash offer.
This won’t work for everyone, but if you have the means, go for it. Money talks when it comes to Forest Hills homes for sale, and a cash offer will probably get your bid noticed by the seller. - Eliminate contingencies.
Contingencies are a common part of real estate offers, but they can also make a sale go awry. If possible, go into your home purchase with a no-strings-attached approach to increase the seller’s confidence in your offer.
Forest Hills homes for sale are catching everyone’s eye, and this extra attention is here to stay! Contact Forest Hills Realty today to learn how to succeed in a competitive real estate market.
Call us at (718) 997-6000 or email us here for more information.
