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3 Occasions When You Should Offer Over The Asking Price On A Home
By SANDY BAKER
Even though you want to pay the lowest possible amount when buying a house, sometimes overbidding is necessary to secure the perfect home. In 2021, 54% of homes were being sold above their asking price, so here are three occasions when you should consider overbidding.
Competition
A competitive real estate market is indicated by a low number of homes selling quickly that usually have multiple offers. Ask your real estate if they think buyers will make cash offers or if prices are higher in that neighborhood than just a few years ago.
It's The Home For You
If the home you want has all the amenities you need and is in a great neighborhood, you'll want to secure it by bidding over the asking price. However, don’t jump in too fast, and wait for your appraisal and mortgage approval so it’s also perfect financially.
Contingent Offer
A contingent offer is one that is only viable if certain conditions are met; for example, the physical conditions of the house or that the buyer needs to sell their house before closing the deal. This can make the seller hesitant, and overbidding can encourage them to wait to accept your bid.