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How to Win Bidding Wars in the Rochester Market
Manage episode 154619230 series 1128646
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Are you prepared to win a multiple offer situation in Rochester as a home buyer? I’ve got some tips that can help put you over the edge and win those battles.
The first and most important thing is to hire a team that specializes in that particular area. My team, for example, has about 15 agents who are also top agents in the area. A lot of listing agents know who we are, so when we make an offer for you, there’s typically a relationship with the listing agent.
The second thing to look out for is what to do when making an offer over list price. If the list price is between $150,000 and $400,000, in most cases, offering $5,000 to $7,000 over should work. If you find yourself in a very competitive situation, try not to give appraisal guarantees, but a lot of times it can help. This means if the appraisal comes up short of the offer, you guarantee to cover the gap.
Another alternative if you can’t win a multiple bid situation is finding a great home in a great neighborhood that has good infrastructure, then add the cosmetic updates to your liking. Your goal should be to get about 5% to 7% sweat equity after that.
Thanks for watching today. If you have any questions, feel free to reach out to us.
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