How to Survive a Rental Bidding War
How to Survive a Rental Bidding War
Abstract
In May, 18 percent of all New York City rental listings ended up in bidding wars. In New York, bidding wars are legal for market-rate apartments. Brokers are reporting apartments renting for a few hundred dollars to a few thousand over the asking rent. There is no magic number. To find an apartment in this market, first decide on your maximum budget. There is a good chance you might need to pad your offer to the landlord. The answer will be to the other bidders.
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Q: I recently attended an open house for a rental in Park Slope, Brooklyn, where the broker let applicants know in advance, via email and in person, that he would be accepting best and final offers on rent and commission. This was no luxury apartment; the building wasnโt new, nor did it have any amenities. I offered the listed price: $6,000 a month, with a 15 percent commission. He responded that he had already received offers for $6,800 and that I would have to offer more to be considered. Ho...
Q: I recently attended an open house for a rental in Park Slope, Brooklyn, where the broker let applicants know in advance, via email and in person, that he would be accepting best and final offers on rent and commission. This was no luxury apartment; the building wasnโt new, nor did it have any amenities. I offered the listed price: $6,000 a month, with a 15 percent commission. He responded that he had already received offers for $6,800 and that I would have to offer more to be considered. Ho...
With up to $800,000 to spend, a young couple with two new rescue pups sought a starter house somewhere in southern Westchester County. They didnโt realize how fierce the competition would be.
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Cash may be king, but terms also matter. Here are some tips for making your offer stand out in a bidding war.
The post On the House: How Can I Win a Home Bidding War in This Crazy, Competitive Real Estate Market? appeared first on Real Estate News & Insights | realtor.comยฎ.
Cash may be king, but terms also matter. Here are some tips for making your offer stand out in a bidding war.
The post On the House: How Can I Win a Home Bidding War in This Crazy, Competitive Real Estate Market? appeared first on Real Estate News & Insights | realtor.comยฎ.
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By Lighter Side Staff Jun 8, 2022 It doesnโt matter if itโs a sellersโ market or one thatโs more in favor of buyers; if a house is desirable and priced appropriately, the chances are youโre going to find yourself in a bidding war. Makes sense, right? If you love the house, most likely other buyers in the market will as well. So, not only do you have to act fast, but you need to pull out all the stops in order to get your offer accepted. But that doesnโt mean you want to offer more ...
By Lighter Side Staff Jun 8, 2022 It doesnโt matter if itโs a sellersโ market or one thatโs more in favor of buyers; if a house is desirable and priced appropriately, the chances are youโre going to find yourself in a bidding war. Makes sense, right? If you love the house, most likely other buyers in the market will as well. So, not only do you have to act fast, but you need to pull out all the stops in order to get your offer accepted. But that doesnโt mean you want to offer more ...
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