Shortage on the housing market origins the question how do you deal with that? You may have already been fishing a few times. That is, of course, tough. Can you just outbid and how much is normal at the moment in a city?
- Bidding on a house in normal market? Then read this article
- Make an offer? Then download my sample letter bid
- Want to know how much you can borrow? Calculate your maximum mortgage
- How much should you bid above the asking price?
- Deviation from sales price to asking price
Immediately more chance of your dream house
It is very annoying if you bid on a house and someone else gets it. We came up with something. With my Bid Certificate you increase the chance that your bid will be accepted. With the Long Beach CA homes this is the best deal now.
How much do you have to outbid in 2019?
The price per square meter is a reasonable estimate of the value of a house. Have houses in the neighborhood been sold recently? Address people in the neighborhood. Often they know exactly for what price the houses are sold. Especially when they have a house of their own, they are usually happy about it. For a small amount you can also request this information from the Land Registry . Do you want to know how far you can go financially? Discuss it for free with 1 of my mortgage advisors. After the conversation you have more certainty, so that you can bid on your dream house with a more reassuring heart.
Bidding is not without risks. High risk with too high a bid
If you bid well above the asking price, this is only possible if you have a lot of your own money. This is because the bank finances a maximum of 100% of the appraisal value if you can borrow it. The appraiser may find that the house is not worth more than the asking price. You have to pay the difference yourself. Of course you can always try to find another real estate agent who values the house higher. But be careful not to get in trouble with this. Read all about the risks of outbidding.
Whether or not a buying broker?
A buying broker is expensive. You often get the feeling that he does ask a lot for a few hours of work. If the market is very tight, as it is now, it often turns out to be worthwhile. A broker can better estimate what you should offer. He also often has informal contact with the selling broker. In some cases, without a broker you even find out too late that a house is for sale. Not entirely fair, but that is the practice.
Shorter financing reservation? You are already 1-0 ahead
The seller of a house wants to handle everything quickly. As a buyer, you usually agree on a six-week period to complete your mortgage. If you can offer a shorter financing reservation, that is fine for the seller. They are often willing to accept a lower bid with a shorter reservation. This means they run less risk of having to do everything again. To know if you can make a shorter financing reservation, you must already have more or less all your mortgage items. Make an appointment. We will then discuss the options.