When you’re buying a home for sale in Ellicott City, Owings Mills or another community in the area, there’s a good chance that you’re not the only interested buyer. In fact, there could be multiple people scrambling to put together an offer at the same time – and when that happens, the seller gets to pick a winner.
Facing a Bidding War for Your Dream Home? Here’s What You Need to Know
When multiple people make offers on the same house, it can lead to a bidding war. That’s what happens when your agent lets you know someone bid $250,000 and you want to put in a higher offer. Let’s say you then offer $275,000 – but another interested buyer comes in and says he or she will spend $280,000. So what can the seller do? The seller can accept one offer, counter all the offers, counter some of the offers, reject some of the offers… the point is, the ball is in the seller’s court. He or she is going to pick the most advantageous offer most of the time (although sometimes sellers pick offers that make them feel good, like those that come with letters complementing the home – but that’s another post for another day).
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Terms like contingencies, preapproval letters, appraisal requirements for the type of loan each buyer is getting, and closing time frames can all have an impact on which offer the seller ultimately accepts. If you end up in a situation like this, your best bet is to talk to your REALTOR(R) about what to do next. He or she will give you insight on what you can do to make sure yours is the one the seller accepts – or give you guidance about moving on to another house, if that’s the way it works out.
Are You Buying a Home in Ellicott City?
If you’re ready to buy a home for sale in Ellicott City, we can help you find the right one. Call us at 410-465-5822 to tell us what you want from your next home or to schedule a tour in a home you’ve seen online. Use these links to check out the hottest listings: