Tips for How to Avoid Getting in a Bidding War?

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Tips to Avoid Getting in a Bidding War

The Atlanta Real Estate market is experiencing drastic change, in certain areas, we are seeing a bidding war going on.  Most of our clients are complaining that their offers are pushed out either by cash buyers or higher offers, this has become so common that I’m beginning to advice the following to our clients:

Get a Loan pre-approval Letter

Step number one when buying a home is getting pre-approved for a loan, if the house you are interested in buying has multiple offers, the seller or seller agent is going to analyze which offer has the highest possibility of closing, based on my persona experience, is not always the heights offer. You may be able to out bid the other offers if you offer contains a pre-approval letter from a large bank or reputable Loan Officer, also, in your offer, don’t be afraid to put a 3 to 5% earnest money check, this will provide some credibility to the seller that you are serious about buying this home.

You have to be the first to make an offer

In a buyer frenzy, there is no question that been the first to make an offer gives you and edge over the other possible buyers. To be the first to make an offer, you really have to pay close attention to the current list of homes for sale in your local M LS. One easy way  to stay on top of new listings is by registering on a local real estate website such as, by doing so, you will be notified every time a new listing hits the market, this website updates their listings every hour. Another way is, having your real estate agent register you in the local MLS  and ask your agent to send you an email every time a new listing meeting your requirements is put into the system. If you are in the Atlanta area you need to ask your agent to register as a prospect on the First Multiple Listing Service (FMLS) or the Metro Listing Service (MLS), both of these systems will email you notification as soon as a house is listed.

Work with an Agent

There is no cost to hiring a real estate agent to represent you. Real Estate Agents have access to the Multiple Listing Service, therefore have access to current real estate data, they also know of homes that are not listed yet but are potential listings. Most experience agents will ask you to sign a Buyer Brokerage Agreement, it is important for you to sign this agreement, not only is the law in Georgia if a buyer wants to be represented by an agent you have to have the Buyer Brokerage agreement signed, but agents that have signed agreement with clients have the fiduciary duty to represent you and provide you any and all information about the property your are interested in buying. You might be tempted to call many agents or different agents for different homes, if you are one of those buyers, this is what you are missing: No single agent will give you the time that you really need to purchase a home, they will provide you the basic a minimal information, they will not return your phone calls or emails because they are busy helping their clients, if you have not signed their agreement your are not their client and as such they will not give you any time. In a sellers market, it is imperative you hire a professional real estate agent or else you will always be out bid by others.
Telmo Bermeo is an Associate Broker with America’s Network Realty Group, Inc. located in Dunwoody GA, we represent Buyers and Sellers in the Atlanta Metro Area. If you are planning to buy or sell a home and want professional representation, give us a call today at 770-309-6417 and one of our agents will be in touch with you.


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About kstrealty

Experience: I have worked as a Real Estate Agent and now as a Real Estate Associate Broker for over 12 years, all those years in one company America's Network Realty Group Inc. Loyalty is my game. Also, using my home building experience I have helped my clients with the costruction of their custom homes, renovation and remodeling of thier existing homes.

I represent sellers selling their residential homes, Investor who are selling or purchasing investment properties, business looking to buy or sell their commercial properties. I have listed and sold large tracks of land. I work with local builders locating lots to build homes, finding tracks of land to build subdivisions, providing cost analysis of properties to investors and potential buyers buying lots to build their custom homes. I also work with banks maintaining and selling their real estate inventory.

Financial Resources: In my last job I worked as a financial analyst for a fortune 100 corporation where I obtain a vast knowledge about financing. In my Real Estate career I manage rental properties, construction loans, and real estate investment loans. I work with buyers who are purchasing their home by obtaining a conventional loan or an FHA backed loan. For those home buyers, especially first time home buyers whose experience with home mortgages is minimal or non-existent, I can help you analyze and select the best mortgage option for you.

Property Management: I'm experienced in maintaining Bank Owned Properties. I can provide the following REO services to banks of all sizes: Property Management, Foreclosure home maintenance, Re-key and secure bank owned properties to prevent theft and vandalism. As a license home builder, I can maintain, update and renovate all bank owned properties. I have a team of residential subcontractors to cover all aspects of home maintenance and home renovations.

Response Time: I'm a real estate broker with the right tools and right technology, when it comes to providing top level services, my knowledge of the latest communication tools makes me one of a kind. No email, voicemail, or text message will be lost or not read. Using the latest technology, I make sure all communications are readily available to me instantly.

Team: I have a team of professionals working with me. We have a combined experience of over 50 years. Some of our professionals prefer to work with buyers, some of them exclusively do listings and some of them work with commercial properties including Churches and commercial land. Our team covers all areas of the real estate, whether you re a first time home buyer, an experienced real estate investor or a business owner looking for a commercial property, our team can help you with your real estate needs.

Marketing: In today's business environment, you have to do marketing using the latest's technology applications. A decade or so ago we used to take a listing and market by using a local MLS, and by running ads on a local newspapers. Today the Real Estate marketing has changed, we mostly use the Internet; Social media marketing is probably the largest media used by Real Estate Agents, social sites such as google+, facebook, twitter, linkedin, pinterest, are among the sites we use to market all our listings. Mobile media is rapidly becoming the norm to find homes for sale, in order no to alienate any of those potential clients, we have made available all of our websites on mobile devices. If you list your home with us, your home will have the widest audience who are looking to purchase homes in your area.

Coverage Area: I cover the Atlanta metro area, which includes the following counties: Fulton county, Dekalb county, Cobb county, Gwinnett county. Also to be more specific, here are the cities and neighborhoods I can help you with your real estate needs: Atlanta Alpharetta Marietta Sandy Springs Lawrenceville Dunwoody Roswell Duluth Decatur KennesawAcworth Woodstock Smyrna Lilburn Chamblee Tucker. If you are planning on selling or buying a home on any of the cities listed above, I can help you. Call me at 770-309-6417 or text me, I will respond immediately.



Phone: 404-855-3070
Fax: 770-551-5866
Address: 8097 Roswell Road Building C Suite 201 Sandy Springs GA 30350

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