A homebuyer’s worst nightmare is a real estate bidding war. For investors, getting the best deal on a property is essential to achieve a profit. Unfortunately, sometimes it’s unavoidable. However, there are a few ways you can avoid a real estate bidding war.
What is a Real Estate Bidding War?
A bidding war occurs when more than one person is interested in purchasing a property. A bidding war is different from having multiple offers because it involves a series of increasing prices. It’s similar to an auction, where potential buyers rapidly push up the property’s price past the original asking value.
Can You Avoid a Real Estate Bidding War?
In this day and age it may seem like a bidding war is inevitable in the Fort Worth area. However, there are ways for potential buyers/ investors to increase their chances of winning.
1. Go into the situation with a confident, clear mind.
2. Make the Highest Offer
3. Ensure You’re Prequalified for a Mortgage
4. Make an All-Cash Offer
5. Eliminate Contingencies
6. Remain Flexible With a Closing Date
7. Work With a Good Real Estate Agent
8. Write a Personal Letter to the Seller
When Is It Time to Walk Away From a Bidding War?
If you don’t want to get caught up in a bidding war, you don’t have to. Especially if the home isn’t a good investment. A good sign of a bad investment is if the home is priced higher than other similar homes in the neighborhood.
Managing Your Investment Property
For investors, winning a real estate bidding war is just the beginning. In fact, successfully operating a profitable investment property requires a lot of time and energy. This is why successful landlords hire All County Property Management Group to ensure their investment is well managed. An experienced property manager will understand your local market and insure you are always making money.
At All County Property Management Group, we help not only renters find their next home but also property investors looking for an experienced property management company to take over the hard work of property management. We offer up-to-date listings to suit a variety of needs and budgets. In addition, our dedicated leasing staff works with you every step of the way so you can feel confident in your home choice. Plus our team handles all property management needs from maintenance, leasing documents, marketing and more! For more information or to see our available listings in your area, check us out today.