All those who are selling their houses would like to have the success that we all read about in the newspapers or online. You know, the one where the seller gets half a million over the asking price. Oh! What you could do with an extra half a mil floating in your bank account. This is by the far, the most attractive thing any seller wants to hear. But the truth is, selling your house in a bidding war is not always a good thing to do.
A bidding war is when the actual price of the property is brought down to encourage offers and basically, have fingers crossed that at the open house, one of the interested buyers will see the true value of the property and make a bid so high as to knock all the others out of the competition.
The best action to take when putting up your house for sale is to do research of the homes that have been sold in your neighborhood; see whether a bidding war or a more traditional listing of the house would be more beneficial; get a market estimation by an expert.
In order to have a higher rate of success in selling your property, listing the house with its actual price is the best option available. This might be surprising to some people but it is the fact.
Here are two reasons why a bidding war might not be the best option in selling your house:
- Having an open house within the time span of seven days is not enough. Ideal buyers are also busy people.
2. As much as you want the highest bidder, sometimes, the person with that type of pocket is put off by the whole bidding process and will stay clear away from a bidding war even if it is for a property they are very interested in.
Increase your chances of success with knowledge and patience.
There a limit to how much money buyers can pay for a property; no matter how much they want it or how much they have; the mortgage and the appraisal must tally for money to exchange hands.
Make sure to do adequate research on your property and the best way to sell it. Consulting an expert is also a safe route but you might have to spend a couple hundred dollars for the expert advice.