When markets are hot like they are now, many people find themselves getting outbid when trying to buy a house.
This is in part because many Americans feel that the opportunity to use lines of credit or to get loans to finance such purchases will likely go away soon or at least become more difficult to qualify for. “Use or Lose” fear of loss feelings take over and cause some folks to buy even when it does not make sense.
The news is talking a lot lately about the potential for a second wave of Corona Virus. Many news outlets are reporting that there are a looming eviction and foreclosure crisis that will certainly play a part in crashing our economy.
Uncertainty in the stock market has many investors taking to the sidelines by adopting a let’s wait and see approach.
All of these factors have an impact on the current real estate buying cycle. Even non-investors are scrambling to buy anything that hits the market in hopes of locking themself in now by buying while they still can.
The most practical way to avoid being outbid is to buy what’s not yet for sale.
By this statement, I mean marketing to a specific audience that has a compelling need to sell, yet is not yet listed for sale anywhere.
Here are some examples:
Lis Pendens Filings
Property Tax Delinquencies
Eviction Filing Records
Again, the best way to avoid being outbid is to situate yourself as the only available buyer by eliminating the competition. Tune in to listen to this week’s episode to learn more about going direct to the seller.