Now that you’ve decided you can’t live without this home and you know what you’re willing to spend on it, it’s time to talk about the lesser known tactics in winning a bidding war. It may be a huge surprise to some to learn that the highest purchase price isn’t the only factor in some Seller’s decision. When a Seller (or his agent) asks for your highest and best offer, they mean the most you’re willing to spend plus the best, “cleanest,” stipulations you are willing to present. Here are a couple ways to make sure you win your dream home:

Stipulations – This is where your Denver real estate agents will be extremely valuable, since stipulations can kill a deal just as quickly as a low offer price. Typically, the fewer stipulations, the better the offer. For instance, most offers have a financing contingency, where, if there is any reason they can’t get financing, they can withdraw and not lose their deposit. Many offers will also have an inspection contingency, which allows the buyer to opt-out if the inspection brings back too many issues. In a bidding war, many buyers are quick to remove these contingencies to make their offer more attractive. An experienced Agent will make sure you’re making the right decision on removing or reducing stipulations, since older homes could have many more costly issues, such as roof repair, foundation issues, A/C problems and even lead or mold issues.

Closing Date – It’s always important to know what the Seller wants when it comes to closing. More often than not, a Seller is looking for a quick closing, due to a move, or possibly holding two mortgages, or for a number of other reasons. Make sure you know what their ideal closing date would be, and try to accommodate it to the best of your ability.

”As is” – You can purchase a property “as is,” which means you understand that the owner will not make any changes or improvements to the property once the inspection has taken place. For out of town owners, or those who need to sell quickly, this can be a great tactic. If you plan on purchasing a home “As is,” you should include an inspection contingency, since your inspection may bring back a $5,000+ repair that you will not be able to cover. Basically, if you go overboard and remove both your inspection contingency as well as agree to purchase it “As is,” you may be forfeiting your deposit if something huge comes up and you can’t go through with the purchase.

About PorchLight Real Estate: PorchLight Real Estate Group has the most experienced and knowledgeable Denver real estate agents in Colorado. For more information about homes for sale in Denver CO or specific neighborhood homes please visit www.porchlightgroup.com.

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