Beep, Beep, Beep is the sound as the Brinks Truck backs up to the seller's home with every dollar you can beg, borrow or steal. You just made an offer that that says I am doing everything in my power to get this home,
your offer most likely included an AS-IS addendum stating you cannot ask the seller for repairs no matter what the home inspection discovers and an appraisal waiver stating that you cannot renegotiate price even if the banks appraisal is lower than your
So is this the winning hand or is it an overreaction to the current market circumstances? With inventory of available homes down by 64%
you will most likely be competing
against other buyers for any desirable home on the market but is this the only way to win a bidding war? This is where the Buyer's Agent you hire makes the difference.
It doesn't take much skill to just throw the kitchen sink at the seller but it does take skill to carefully craft an offer that includes things that are important to the seller that have as much value and sometimes more value than just more $$$$.
A good buyers agent should care more about your needs more than winning a bidding war, especially when the offers being submitted exceed reality and can really hurt your financial future. Here are some ideas to consider before going all in.
Time Frame -
How long do you plan to stay in the home? If your answer is less than 5 years you will really need to consider how far you want to go?
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Are you exceeding the budget you set for your home purchase and what may this do to your lifestyle moving forward. Buying a home is supposed to be a blessing
and not a curse.
Is this really the one?
- Like it, love it and gotta have it are ice cream sizes at Coldstone, paying a gotta have it price for a like it home may have serious consequences
down the road as you will most likely want to sell that home sooner than later as you realize it wasn't truly what you wanted. It is easy to get caught up in the moment and overbid for a less than perfect home.
Assemble your team -
Now more than ever you will need a deep bench, your agent needs to be the best, your mortgage lender, the home inspector but more importantly
a support system that can give you an honest opinion of when you may be going too far to get a certain home.
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Buying a home is a dream come true for most Americans, don't let a short term market shift turn it into a nightmare.