Southport Oak Island Realty Group, Inc

How to win the bid for a home in this crazy real estate market!

Bolivia NC realtor, Oak Island NC Realtor, Southport NC Realtor, Boiling Spring Lakes Realtor

Need to know how to secure a home for yourself in this tough real estate market?

We will try and help you better understand what it takes to “WIN THE BID”!

Below are a few of the undeniable steps to help get you into the house of your dreams!

1. GET A BANK PRE-QUALIFICATION LETTER:

Getting in contact with your local bank or mortgage lender should be your very first step in the home buying process. You need to know how much you will be able to borrow so you can begin your home search. But, more importantly, when you do find your perfect home you will want to submit your pre-qualification letter with your offer to purchase, as an assurance to the seller that you are indeed ready and able to buy the house.

2. BE PREPARED TO SPEND THE MONEY!

In this hot real estate market, there is no time to haggle and be cheap. If you like and want the home you need to be prepared to pay top dollar for the home if you want it. While finding a good deal on a home may be possible, in this market it is highly unlikely! Be prepared to pay the full listing price if not ten to fifteen thousand dollars over the asking price, I know it seems crazy, but that is what it takes to win the bid!

3. PUT A HIGH DUE DILIGENCE AMOUNT IN YOUR OFFER:

In North Carolina Real Estate we have what is called Due Diligence. This is in addition to the standard Earnest Money deposit. This Due Diligence amount is very important when it comes to consideration of your offer to the seller. Due Diligence is essentially a non-refundable deposit to the home seller to take their home off the market. Due Diligence also shows the home seller how serious you are about purchasing the home and not backing out of the purchase. There is no standard amount or any at all required in North Carolina. However, locally we are seeing on average between 1-2% of the total purchase price, if not considerably higher. If you are moving here from another state and want to learn more about due diligence and its role in North Carolina real Estate transactions click HERE.

4. MAKE ONLY MINIMAL REPAIR REQUESTS IF ANY:

During your Due Diligence period in North Carolina the buyer performs inspections and looks further into the overall liability of purchasing the home. These deeper looks can create concerns for the buyer, prompting what is known as a Due Diligence Repair Request. While sellers can request anything they wish, the buyers are not obligated to agree to all or any of these requests.  This leaves the  buyer with the decision to either buy the home as-is or walk away forfeiting their money down (Due Diligence). We suggest refraining from making a Due Diligence request unless ABSOLUTELY necessary. These requests often result in buyers walking away and returning to the house hunt! Thus the reason the sellers want to choose and offer with the highest due diligence amount possible when considering multiple offers on the purchase of their home.

So there you have it.

Please take this information and run with it! We want all parties involved in the home buying process to be happy with their decisions and, more importantly, have home buyers winning the bid and purchasing the home they really want!

At Southport Oak Island Realty Group, our Realtors are here to help you find your perfect home and are experts at negotiating on your behalf to get you the house you want, and not a house that will just do. Call us today we would love to help you for your home search in Southport, Oak Island, St James Plantation, Bolivia, or Boiling Spring Lakes North Carolina.

Contact a Realtor today!

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Jon Langley

Jon Langley

Hi! Nice to 'meet' you and thanks for visiting our Southport and Oak Island Real Estate Blog! My name is Jon Langley, and I'm a REALTOR® in Brunswick County, NC. I work alongside some of the best Realtors in the Southport & Oak Island area. I'd love to learn more about you if you'd like to connect with me on Facebook and Instagram or connect with our team at Southport Oak Island Realty Group. Looking forward to connecting!

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