When you’re buying a home, you need to be able to put down a proper bid to land it.  A winning bid has two components – what you can afford and what you value the property at.  If you start with a fair bid, you stand a far better chance of winning the house.  We wanted to go through the process of how to bid on your St. Louis Home to give you a fair shot at landing the home of your dreams.

How To Bid On Your St. Louis Home

The first step is pre-approval.  Find a reputable mortgage company and realtor that can help you to find out exactly how much you can afford to spend on your home.  Then start shopping.  You wouldn’t go to the store without knowing how much money you had in your account, right?  Don’t get disappointed by a home you can’t afford.

Lowball or Smart Bid?

Lots of people think that you start with a lowball bid.  That only works in a buyer’s market, or where the house has sat a while and the sellers are getting desperate.  A lowball bid in a seller’s market, like today, will end your negotiations before they start.

Know the Neighborhood

Check the comps in the neighborhood, recent homes that have sold, and look at sites that set home value.  Your realtor and mortgage company will also help you determine the value of the house.  These are pros that work for you, let them help.

List of Demands

Bidding is an organic process.  Determine what you want to get at the end of the day.  Do you want the seller to make repairs?  Should they change the carpeting?  Do you love the appliances?  Make sure that all of this is spelled out in the offer.

If you’re ready to buy or sell your home, Rick & Tracy Ellis are ready to make your dream come true.  Call us today at 636-299-3702, email us directly at tracy@tracyellis.com, and visit tracyellis.com for more information on buying and selling your home.  You can also listen to the “The Rick and Tracy Ellis Show” every Saturday at 4 p.m. and Sunday at 10 a.m.