Making a smart, well-timed offer could land you your dream home faster than you think! Read through this article to learn when to make your move, how to stand out to sellers, and what pitfalls to avoid.
Understanding Pre-Auction Offers:
A pre-auction offer is made before the scheduled auction date. This strategy is used by potential buyers who wish to secure the property without facing competitive bidding at auction.
Making an offer before the auction requires timing and strategy. Typically, this move is made once you’ve conducted due diligence but before the property gains significant interest.
Pros of Pre-Auction Offers:
By making an offer before the auction, you might avoid a bidding war, which can drive the price higher.
If accepted, a pre-auction offer can bring certainty to your property purchase process earlier than expected.
Cons of Pre-Auction Offers:
Sellers might only consider pre-auction offers that are significantly compelling, often above the expected auction price.
In a hot market, sellers might prefer to take their chances at auction, expecting a higher final bid due to competitive interest.
How to Make a Successful Pre-Auction Offer:
Research recent sales and current listings in the area to gauge a fair offer price.
Demonstrating financial readiness can make your offer more attractive to the seller.
Tailor your offer to suit the seller’s timeline, such as a flexible settlement period.
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