How To Win A Bidding War – If the real estate market is situated so that there are more buyers than sellers, it’s easy to find yourself in the middle of a bidding war. With the real estate market heating up for buyers, it’s very possible that you might have to outbid someone else for your dream home. If you find yourself in a bidding war, here are 4 great tips to keep in mind that can help you come out on top.
- 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.
If you find yourself in a bidding war, remember these 4 tips to help you come out on top. Did we miss any great tips? Let us know in the comments!