These are the stocks posting the largest moves before the bell.Market Insiderread more
Mnuchin tells CNBC he's confident President Trump and China's Xi Jinping can make progress in stalled trade talks.World Economyread more
U.S. stock index futures jumped Wednesday morning after Treasury Secretary Steven Mnuchin told CNBC that the U.S. and China were close to reaching a trade deal.US Marketsread more
JP Morgan's Jamie Dimon says student lending "is a disgrace and its hurting America," he told Yahoo Finance Tuesday.Economyread more
Trump is willing to talk with Iran, but he's "also determined to enforce the U.S. and our allies' interests in the region," Mnuchin tells CNBC.Politicsread more
Democrats want Mueller's testimony on his probe into Russian interference in the 2016 election and Trump's efforts to influence it.Politicsread more
Mortgage application volume was 40% higher than a year ago, largely because lower rates are strengthening the refinance market.Real Estateread more
Stocks should rally if the U.S. and China agree to new negotiations and a ceasefire in the trade war, but the economic impact of tariffs will continue.Market Insiderread more
Bitcoin surged as high as $12,919 in early morning trade Wednesday, to its highest level since January 2018.Technologyread more
AbbVie's deal to buy Allergan for about $63 billion is a "nice exit from a tough situation," RBC Capital Markets analyst Randall Stanicky says.Biotech and Pharmaceuticalsread more
Omada Health just raised $73 million at a valuation of around $600 million as it seeks to expand its digital health offerings.Technologyread more
Today's housing market is arguably one of the most competitive in history. A record low supply of listings, coupled with extraordinarily high demand from the largest generation, mean fast-rising home prices and more people going after the hottest properties. Bidding wars are now the rule, rather than the exception.
So how do you win a bidding war? Best to be prepared before you even begin your search and to carry equal amounts of patience and humor with you … if possible.
Decide on your absolute maximum price. This factors in the monthly payment on your mortgage (if you need one), property taxes, homeowners insurance, potential homeowner association or condominium fees, and a general estimate of monthly upkeep (lawn care, pool guy, unforeseen repairs). Then start looking for homes priced slightly less than that maximum. This gives you some wiggle room in the bidding war.
1. Come with cash. Not everyone can do this, but if you can make an all-cash offer, you will have an advantage. In certain very hot markets, investors are heavy, and they usually come with cash. Sellers don't want to deal with the possibility that your loan might not come through, or they may not want to wait the extra time for the mortgage processing, so they prefer cash. In some cases they may even cut the price a bit to get the cash. Coming with cash can actually double your chances of winning a bidding war, according to Redfin, a real estate brokerage. You can always take out a mortgage after the deal closes.
2. If you don't have all-cash, try waiving the financing contingency. That is when the deal is contingent on your loan being approved by the lender. Be careful though, you don't want to end up on the hook for cash if the loan doesn't come through, so get a fully underwritten loan pre-approved from your lender before submitting your offer. This could improve your chances of winning a war by 58 percent, according to Redfin.
3. Try a personal letter to the seller. I did this once myself, and it worked on a deal I never expected to win. Selling a home is just as emotional as buying one, especially for sellers who have lived in the home a long time and have raised their kids there. Sellers want to know a little about the people taking over their precious nest. If you're a young family, write about how you can see raising your children in the cozy family room and how you already envision them playing in the back yard. Write about how much you love the neighborhood and want to become an active part of it. DO NOT tell the seller if you plan to gut the home. That could gut the deal.
4. Finally, don't be afraid to walk away. The last thing you want to do is get over-emotional and overstretch your budget. Don't be house-poor. That defeats the whole purpose of the investment.
And remember, there will always, always be another perfect home.