Wednesday, July 3, 2013

Smart Tips on Selling Fast and Winning a Bidding War

Top experts and Money readers share their smartest tips on everything from selling a home quickly to winning a bidding war

Sell your home fast

Underprice it from the start. If you list your home for at least 10% less than it's worth, you'll often sell it for 10% more.

Buyers notice a house that's underpriced: They'll take it by storm and drive up the price with a bidding war.

People worry that setting the price low will deter bidders. That's not the case. If you don't get competitive bids, you didn't truly underprice the house to begin with.
-- Barbara Corcoran, founder, real estate firm the Corcoran Group and panelist on ABC's "Shark Tank"

Win a bidding war

Go as high as the maximum price you'd ever be willing to pay -- if someone outbids you, you'll feel confident you gave it your best shot.

Sometimes it's not just about the money. Give the seller some breathing room too. Buyers often signal their interest by offering to close quickly, but that move might backfire in this market: If the sellers haven't found a new place yet, they may be unable to accept your offer.

Instead, propose a seller's residential lease. You close on the house quickly, then rent it back for 60 or 90 days. That gives the sellers a chance to look for a home in a no panicked way -- and gets you the house you want.
-- Mary Beth Harrison, founder and realtor, Keller Williams Elite, Dallas

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