The Tampa real estate market is still hot and when trying to buy your Tampa dream home the location of the property can make all the difference. In some Tampa neighborhoods when a home goes on the market there is instant flurry of activity from buyers with offers in hand.
And it doesn’t matter if you’re upsizing, a first-time buyer or relocating, in specific areas it’s easy to end up in a bidding war for a hot property. For those situations we offer proven techniques to increase the chances of you either winning a bidding battle or knowing the right time to walk away and look for other homes for sale in Tampa.
Step 1: Get Your Preapproved Mortgage
The only way to enter a bidding war is if you know what you can afford and what mortgage you qualify for. This means finding the right mortgage broker, bank or mortgage company and getting preapproval for a home loan so you know the maximum amount you can borrow, which can give you a ceiling on how much you can pay to buy your Tampa property.
Step 2: Timing is Crucial
Whether you’re looking for South Tampa homes for sale or for homes in other neighborhoods timing your offer on a property can help you avoid bidding wars.
Many sellers use open houses on weekends, for example, but if you visit the property on the Wednesday before, for example, you can place an offer on Thursday and have it accepted by Friday thereby eliminating the bidding war. The sellers may want to wait for the open house but accepting an offer ahead of time can save them a lot of aggravation.
Step 3: Make a Realistic Offer
Your Tampa Realtor will understand what you’re looking for, what you can afford and will have the experience of having gone through – and won – numerous bidding wars with past clients.
As a buyer of Tampa real estate you will work very closely with your real estate agent to manage any bidding war for your best interests. Your Realtor will know the maximum limit you are prepared offer to secure the property and will work the process to your benefit whenever possible.
But you have to know the maximum price you are prepared to walk away from if the bidding war gets out of control. Again, your preapproval can be one factor.
Step 4: Success! Enjoy Your New Home.
With most Tampa homes for sale the sellers want to ensure a clean, easy and quick sale and they may not always go after every last possible dollar they can get.
When you make a bid, make it clear that your financing is already approved and you’re ready to move in. This shows that you are a serious buyer and for sellers it’s better to lose a few dollars and complete the sale with the easiest, most prepared buyer.