Purchasing Lakefront Properties For Sale: 3 Tips To Help You Place A Winning Bid
Posted on: 23 June 2021
The current real estate market is extremely competitive and highly in favor of the seller. This is due mostly to a much higher demand for houses than the current supply can meet. As a result, individuals who are looking to buy lakefront properties for sale will need a bit of a competitive edge if they wish to place a winning bid for these in-demand properties. Thankfully, the three simple tips below can help you to gain that competitive edge and ultimately purchase the home you have been dreaming of.
Consider Making An All Cash Offer
While securing financing through a mortgage lender is the most common way to finance the purchase of a home, it is only of the many ways in which you can secure the money you need to make this purchase. For instance, you can also choose to take out a personal loan through your bank or a private lender. If you have other assets such as investments, you may also wish to liquidate these assets in order to give you access to additional cash reserves.
Taking advantage of these alternative funding sources will allow you to place an all-cash offer on the lakefront property you wish to buy. Since all-cash sales can be closed much faster than those that have to go through the mortgage lending process, sellers will often give preference to buyers who are willing and able to pay in cash.
Purchase The Property As-Is
A typical real estate contract will contain a variety of contingencies that allow the buyer to back out of the purchase pending the results of various inspections. If the home buyer is unhappy with anything found during these inspections, they may also use this information to try and negotiate a lower selling price or have the current homeowner perform certain repairs before the purchase is finalized.
With so many buyers competing for the same properties, many buyers are now choosing to waive their right to these contingencies and instead make an offer to purchase the home as-is. As with the option of placing a cash offer, choosing to waive contingencies can speed up the process of finalizing the purchase of the property. Consequently, homeowners will often give priority to buyers who are willing to purchase the property as-is.
Offer More Than The Current Listing Price
With current market conditions being what they are, it is quite common for homeowners to receive competing bids for their lakefront properties. Placing a bid that is above the current listing price can help you to avoid getting into a bidding war with other potential buyers by tempting the seller to quickly accept your offer. To learn more information about lakefront properties, reach out to a company such as The Stockton Team: Keller Williams Showcase.
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