Bidding on Oakland County Lakefront homes – How to win the bid

The bargain homes and the move in ready homes sometimes sell in just a few days.  So Many homebuyers never even see them because they are not getting the newest home listings sent to them.  Get the best homes emailed to you as soon as they hit the market.  Join my

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When bidding on Oakland County lakefront homes for sale in 2013 it can be quite frustrating because some homes are going fast.  Any Oakland County lakefront home that is in good to great condition and priced well will sell in under 30 days.  This information about bidding can be beneficial to a buyer or a seller.  This is how a listing agent will coach their Oakland County lakefront home owner on which offer to take.  It does not matter if it is a lakefront home on Harvey Lake in Highland Michigan or Heather Lake in Orion Michigan this buyer tip helps.

1.)  If the offer prices are comparable – CASH IS KING!!!!!  The reason why we like cash buyers is because the deal will close quickly and there is no mortgage company/lender involved.  So there is no appraisal and if there is no appraisal the lakefront home owner is not going to have to lower their price if the appraisal comes in low.  There can be no underwriting issues with the buyer if there is no mortgage.  So basically it is a slam dunk deal.  A cash deal will close in less than 3 weeks usually.   Yes there are buyers that have $500,000 to buy a lakefront home – I had three of them last year.

2.)  Next is the 20% conventional offer.  A seller will take that because the buyer is showing that they have had the ability and intelligence to save 20%.  That trickles down and means the buyer most likely has very good credit and will have no problems in the mortgage process.

Oakland County lakefront home problems

Oakland County lakefront home problems

3.)  Then the third choice would be an FHA buyer.  A person who uses a FHA mortgage is usually a person who has little money or has limited amount of credit.  There could be issues that may come up in the mortgage underwriting process that could kill the deal.  Also the FHA loan has an appraisal inspection that may require the seller to do repairs.

4.)  The last choice most listing agents will take is a VA loan.  A VA loan is not a common loan here in Michigan.  This means the person is applying for a 100% loan.  Also the VA loan has an appraisal inspection that may require the seller to do repairs.  The VA inspection is tougher than a FHA inspection.

So if you are a Oakland County home seller this is why your listing agent is advising you to take a certain deal over another.  Sometimes it is smarter to take a little less cash offer over a mortgage offer.  As a buyer this may help you understand why your bids are not winning.  If you have questions about the home buying or selling process give me a call on my cell (248) 310-6239.  I know the Oakland County lakefront home market well, I can help you with your goals.  Here is a home selling tip if you are thinking of listing your home.  Lakefront homes Highland MI – highland real estate selling tips.  These tips apply whether it is a lake home or any home in Michigan.

It is so important to get listings emailed to you.  Join my Oakland County VIP home search Oakland VIP Club get the latest Oakland County foreclosures emailed to you, so you do not miss out on the best deals.

Here are five other links to local lakes to go through.  I know the lakes quite well so if you give me a call I will be able to send you a list of lakes that fit your criteria.  I am out on them everyday of the week so I may know some lakes that you have not thought about.

Remember we offer a great buyers bonus too!

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Call me today at (248) 310-6239

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Phone: (313) 310-9855 | Email: yesmyrealtor@gmail.com