Win the Lakefront Bidding War!
Buying a lake home is an exciting yet emotional and stressful process. Start searching online trying to compare regions, lakes and the attributes of homes on each lake. Find a seasoned knowledgeable lake agent that can guide you through the process. If you see the perfect lakefront home online get in the car right away to go visit the home. It’s quite likely that perfect lakefront will attract others and you’ll find yourself in a bidding war. Last week a home hit the market at 10 am on Winnipesaukee, by the days end there were 4 offers on the home. Great homes sell quickly. If you want to ensure your bid is the winning offer, follow these strategies.
This won’t be possible for everyone, but if you have the cash, make an all-cash offer. In a particularly hot market, cash typically wins out. Sellers prefer buyers who pay cash because the deal will not be dependent on appraisals or whether the buyer can secure financing. Or be prepared with a home equity loan in place which might put you in a cash position.
Get pre-approved for a mortgage.If paying all cash is not an option. Get preapproved for a mortgage before you even you visit your first home. You will have your financing in place when you place your offer. You will not be scrambling for a pre approval letter. In a scenario where a seller receives multiple bids, you’ll automatically count yourself out if you are not pre-approved.
When you find the perfect home
If the lake home meets your criteria move quickly. Hopefully your offer will be the only offer on the table. If the seller has listed the home at an appropriate price, be prepared to offer full price. Don’t wait to get into a bidding situation.
If you’re willing to go higher with your offer, talk to your agent about an escalation clause. This gives you the option to automatically increase your offer should another buyer bid more than you. Do put a ceiling on the clause.
Sellers will generally choose offers with the fewest contingencies.
Do you really love the home? Can you imagine your kids enjoying swimming in the lake and perfect sunsets to enjoy with the family? Write a letter to the seller explaining your reasons for wanting the house. Appeal to a seller’s emotions/personal memories, you may be rewarded with the winning bid.
Lady of the Lake Realty has been working with buyers and sellers since 1999. Our marketing area includes all the New Hampshire lakes from Sunapee to Ossipee.
We can help you with selecting a lake that meets your lifestyle. We have comprehensive knowledge of the lake sizes, water quality, amenities around the lake and even what kind of fish are in the lake.
Call Lady of the Lake Realty at 1-888-737-5550, e-mail at email@example.com or visit our website to view lake homes in New Hampshire at www.nhlakesrealty.com
Contact Carl Sack or Paula Hinckley #nhlakesrealty