How to buy property in a hot/boom market.

Red hot seller market in Santa Clarita

When a property is advertised to go to auction, it used to be that the best approach was to make an offer after the 2nd Open for Inspection, after the vendor had received some ‘conditioning’ from the marketplace. But in a hot market, you are best to make an unconditional offer before the campaign launch (if you know when that is) as it entices a vendor to sell early, thus avoiding the need for a vendor to prepare the property every week for inspections. The next best time is the same day as the first Open is held, as selling agents can advise a vendor that many times the best offers come from motivated buyers in week 1-2. However, if the property is any good, you will be in completion from other purchasers even at this stage. Alternatively, if the vendor is set on going all the way to auction, then attempt to buy the night before auction day, with the threat (which you must keep if challenged) that you will not be attending the auction. As Buyers Agents, we regularly are successful in all these tactics and more.

1 Comment

  1. Frank May 29, 2015 at 8:31 pm #

    Im grateful for the blog article.Really looking forward to read more. Really Great.

    Reply

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