How To Win A Bidding War – Bidding wars are great if you’re trying to sell your home, but they’re not so great if you’re the one bidding. The real estate market is certainly picking up, but we may soon find ourselves in a situation where there are more buyers than sellers, and that’s when you’ll find yourself in a bidding war. Not to worry though! Here are some great tips to help you win any bidding war you might end up in.
- Be organized. Organization is key when buying or selling a home in a high demand real estate market. Sellers want any incoming offers to be easy to read and concise. Make sure you know the answers to several important questions – Is there a deadline to submit offers? Is there a specific offer format the seller wants to see? Are there any other factors that might be important to the seller?
- Make an offer that will stand out. If you’re buying a home in a fast-paced real estate market, make sure your offer won’t be seen as too low to the sellers. Make sure your offer is strong and is going to stand out among other offers.
- Sweeten the pot. When you’re competing with multiple offers, it’s key to be prepared. If you’re able to pay with cash, that’s a major plus in the eyes of the seller. Not everyone is able to do this, so show the seller you’re serious by getting a pre-approved loan.
- Don’t delay closing. Sellers are interested in closing quickly. When handling multiple offers, it’s advantageous to make an offer with few contingencies. Make sure you don’t skip the inspection contingency, however.
Keep these tips in mind when you find yourself in a bidding war and you’re sure to come out on top.