Looking to Buy a Home? Prepare Now for the Bidding Wars

Realtors expect the home-buying market to be especially competitive this spring due to fewer available properties, says Redfin, which analyzed thousands of offers written by its agents in 2013 to determine which techniques were most successful. The report indicates that sellers were 28 percent more likely to accept an offer involving cash, but getting pre-approved and coming to the table armed with a pre-approval letter from the lender is helpful for buyers unable to offer cash. Redfin adds that sellers are 21 percent more likely to accept a bid when the home has been pre-inspected. Other winning strategies include waiving financing and/or appraisal contingencies or submitting a sentimental letter with the offer, with the latter strategy increasing the buyer’s chance of success by 9 percent. | Read More