Coldwell Banker Chicora Blog

Choose Me - How to Be the Winning Bid in a Hot Market

Posted: May 19, 2017 at 12:00 AM by Rod Smith

After a long recovery, the housing market is booming across the country, and houses for sale in Myrtle Beach SC are in the middle of many bidding wars. The competition has been intensifying, and real estate professionals such as Coldwell Banker Chicora Advantage, who have been in the real estate business for decades, are helping buyers stand out from the crowd and win in a tough environment with the use of a few key strategies.

Have your finances ready. Can you access a quick loan?

Being prepared to move quickly is one of the best things you can do to keep your offer attractive in what may be a crowded field. Naturally, that starts with having your finances in order and being, at the very least, secure pre-approval for your loan. The difference between pre-qualification and pre-approval is key. 

Pre-qualification simply means that your income has been verified and that you may qualify for a loan of a certain amount. It is a basic initial screening, and the result is only a rough estimate. Pre-approval shows that all of your paperwork has been pored over and the lender has determined exactly the loan you are eligible for. 

The pre-approval process often evaluates the same information used in the actual loan process. A pre-approval letter shows that you are serious about buying and that you are genuinely prepared to make a legitimate offer. 

Do your research. Know what exactly you want.

Preparation also involves having done your research before your search starts, so that when you find your dream home, you know it right away. By understanding exactly what you want in a home and exactly what's on the market, you can erase all of the doubts and second-guessing that can come with trying to make a selection that may last a lifetime. 

Bid early. Place a serious bid

Bid Early - there is a shortage of inventory and in many cases, there are multiple offers being presented on the same property. So bidding low could cost you your dream property!

Make things easier for the seller

Offering to pay closing fees, or offering to rent it to them for a few months while they move out are small things that can make a buyer more attractive. Pre-inspection is another chance to show the seriousness of your offer. It will cost a few hundred dollars, but in the process, it will not only show that you mean business, but it will remove a common contingency. By clearing that hurdle, your offer may stand out as a cleaner, easier one to follow through with. 

Write a letter if you can

With an emotional appeal in mind, more and more potential buyers are writing letters to the sellers. If you go this route, explain exactly why you want the house and what it would mean to you. Adding pictures of the entire family can complete the package, and allow a seller to picture you in the home. Show the connection you felt to the home, and why you chose it out of all the homes on the market. 

In the end, it will all boil down to making your unique impression on the sellers, one that will make them want to pass their home into your hands. Sellers are people too, and sometimes a simple tug on the heartstrings will be just what is needed to put your bid over the top.

In a competitive market, every bid must be strong and resourceful to become a winning one, and Coldwell Banker Chicora Advantage is an established presence in Myrtle Beach that can guide you through that process.

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