If you find your perfect home in Flushing, there's nothing worse than getting pushed aside by a buyer with a higher offer. Flushing homes for sale are in demand, and this scenario plays out all the time. Buyers fall short of their real estate goals because they don't know how to play their cards right in a bidding war.
You could always let your real estate agent take the reigns. While real estate agents are experts in their field, we also believe that the buyer's knowledge is power. If you understand your agent's approach during a bidding war, you'll be in a better position to understand your investment.
We want to take a moment to teach you the rules, written and unwritten, of bidding wars in Flushing. Here are a few of our favorite tips as you navigate the fierce competition for Flushing homes for sale:
- Flash some cash.
Cash offers eliminate the uncertainty of mortgages and tend to process faster. If you have the means, cash is the way to go.
- Forget the contingencies.
If you say goodbye to mortgage, inspection or appraisal contingencies, you could be near the top of the list in a bidding war for Flushing homes for sale. There is some risk to letting go of contingencies, so talk with your agent, mortgage broker and financial team to determine if this step is right for you.
- Embrace an escalation clause.
An escalation clause allows you to outbid the highest offer on the home you want by a specified amount of money, up to a maximum level. It's a great way to stay competitive but not exceed your budget.
- Be flexible.
If the seller needs a quick closing or needs to stay in the home until they figure out their next move, accommodate their requests. Your flexibility could mean the difference between getting the keys or getting the boot.
If you are looking at Flushing homes for sale, get in touch with Flushing Realty today to get expert advice on winning a bidding war!
Contact us at (718) 997-6000 or email us here for more information.