How To Buy Your Dream Home When Multiple Buyers Are Bidding For It

A good home will always find takers. If you have found a home that come the closest to your ideal, then there are good chances that others too would find it appealing. If there are a number of buyers bidding for a particular project, you must have a competitive advantage over them for the seller to choose you.

Here are a few codes for you to clinch that resale apartment:

1. Build a personal rapport with the seller

Real estate experts advise buyers to maintain a respectable distance from the seller, but it wouldn't harm to build a personal rapport with the seller. More often than not, owners of resale property in Mumbai are governed by emotions and a buyer who comes across as likeable clinches the deal. You can use the open home event to establish some personal contact with the seller. Share a bit about your background and try to connect with the psyche of the seller. Try to come off as a polite and understanding person as far as practicable, without seeming intrusive.

After the open home showing, you should call the seller and thank him for his time. However, do not call every now and then as this might annoy the seller.

2. Do not delay your answer

If a 3BHK in Mumbai appealed to you immensely, do not hesitate to respond to the sale. Quite a few market experts recommend you to be prompt with your answer as that shows sincere interest. Answering before anyone else puts you in the good books of sellers and may make him take you more seriously than others. If you delay the process, then some other buyer may take the early bird advantage.  

3. Pay a little more than the asking price

If the property fits your bill, paying a little more won't hurt you as much as losing out on the apartment would. Talk to your real estate agent about it and quote bid a price that is higher than the asking price. Make sure you maintain a margin of 2-3%, which other buyers would be hesitant to match. In this phase of the realty market, which favours buyers considerably, a seller will seriously consider your above par offer.

To solidify the credibility of your offer, you should offer to pay a higher deposit amount as well. Around 20% of the settled price is considered as earnest money. You could raise the amount to 21-22% of the amount payable.

4. Have your finances ready

Sellers are looking to offload their property quickly as they need the money for other purposes. Therefore, being armed with finance shall be a credible comparative advantage for you. Taking out a pre-approved loan will be smart, as having the finance disbursed will take only a couple of weeks. If the resale apartment in India you have selected has its papers in order and no outstanding dues, banks would be inclined to finance it.