{"id":20659,"date":"2022-06-21T12:37:16","date_gmt":"2022-06-21T12:37:16","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=20659"},"modified":"2022-06-21T12:37:18","modified_gmt":"2022-06-21T12:37:18","slug":"mistakes-buyers-make-in-bidding-wars","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/mistakes-buyers-make-in-bidding-wars\/","title":{"rendered":"Mistakes Buyers Make in Bidding Wars"},"content":{"rendered":"\n

Mistakes Buyers Make in Bidding Wars<\/p>\n\n\n\n

Multiple offers on a home sale are still common, and buyers may get caught up in the competition and make some mistakes in the process.<\/p>\n\n\n\n

One common mistake: buyers who are willing to empty their bank account trying to win.<\/p>\n\n\n\n

\u201cI\u2019ve had buyers who want to bid all the money in their budget in order to win a bidding war,\u201d Lily Lei, a real estate professional with RSVP Real Estate, Powered by ERA, in Seattle, told realtor.com\u00ae. \u201cI counsel them away from it. The house may require tens of thousands of dollars worth of repairs immediately, like a new roof or new plumbing. They would have no money left to cover these essential repairs.\u201d<\/p>\n\n\n\n

The bank\u2019s appraisal may also come in lower than the offered price. The buyer then may be on the hook for a higher down payment to make up the difference.<\/p>\n\n\n\n

Lei advises her clients to hold back between 10% to 40% of what they can afford. That may mean they can\u2019t get the house they want, but it doesn\u2019t put them at financial risk, she says.<\/p>\n\n\n\n

Another common problem real estate pros report buyers making in bidding wars: bidding with no contingencies. Buyers are waiving home inspections and their ability to walk away when an inspection reveals a major flaw with a home.<\/p>\n\n\n\n

\u201cIf buyers want to be competitive in this market, they need to compromise on a lot of things,\u201d Jared Blank, a managing partner of The Agency in Denver, told realtor.com\u00ae. That said, when a buyer\u2019s offer is accepted on a home that is in need of repairs and falling apart, it\u2019s no win at all, Blank says.<\/p>\n\n\n\n

He recommends instead bidding at a comfortable price within the buyer\u2019s budget and looking for compromises on other components of the offer, like the length of the escrow and the down payment.<\/p>\n\n\n\n

Source: <\/p>\n\n\n\n

\u201c7 Bidding War Mistakes Today\u2019s Homebuyers Are Making in Droves<\/a>,\u201d realtor.com\u00ae (June 2, 2022)<\/p>\n\n\n\n

\u00a9National Association of REALTORS\u00ae
Reprinted with permission<\/p>\n","protected":false},"excerpt":{"rendered":"

Mistakes Buyers Make in Bidding Wars Multiple offers on a home sale are still common, and buyers may get caught up in the competition and make some mistakes in the process. One common mistake: buyers who are willing to empty their bank account trying to win. \u201cI\u2019ve had buyers who want to bid all the … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-20659","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nMistakes Buyers Make in Bidding Wars - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.anthonydidonato.net\/wordpress\/mistakes-buyers-make-in-bidding-wars\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/mistakes-buyers-make-in-bidding-wars\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/mistakes-buyers-make-in-bidding-wars\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"Mistakes Buyers Make in Bidding Wars\",\"datePublished\":\"2022-06-21T12:37:16+00:00\",\"dateModified\":\"2022-06-21T12:37:18+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/mistakes-buyers-make-in-bidding-wars\\\/\"},\"wordCount\":347,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/mistakes-buyers-make-in-bidding-wars\\\/\",\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/mistakes-buyers-make-in-bidding-wars\\\/\",\"name\":\"Mistakes Buyers Make in Bidding Wars - 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