If you’ve been reading our posts, you already know that Briarwood homes for sale are hot commodities in the Queens real estate market. This can only mean one thing: bidding wars!
If the thought of a bidding war sends you sprinting away from the home of your dreams, don’t give in to your urge to run! Here are four strategies that you can use to come out on top in a real estate bidding war:
Get preapproved for a mortgage.
Before you start your search for Briarwood homes for sale, talk to a mortgage broker to discuss loan options and get preapproved for a mortgage. The preapproval process takes time that you don’t have when you are in a bidding war, so it’s a smart move to tackle this step early.
Offer a higher earnest money deposit.
Buyers typically pay an earnest money deposit – between 1% and 5% of the price – to indicate that they are serious about the potential purchase. If the sale falls through, the buyer loses this deposit. To stay ahead in a bidding war, consider increasing your earnest money deposit to show the seller that you intend to call this home your own.
Nix the contingencies.
This can be a smart move when you are looking for Briarwood homes for sale, but it can also be a risky one. It’s common for buyers to include a contingency that states that the home must appraise for the offered price (or higher). Your offer might get more attention if you remove this contingency, however, you’ll be on the hook for the difference in price if the home doesn’t appraise well.
Add an escalation clause to your offer.
Decide on the maximum amount that you want to spend on the home in question, and have your agent include a clause that automatically outbids other offers up to your upper limit.
If you have your heart set on Briarwood homes for sale, make your offer stand out from the rest. Contact Briarwood Realty today to emerge victorious in a bidding war!