4 Steps to Win a Bidding War
Published by: RE/MAX International, June 10, 2018
Housing inventory is tight across the country, and many homebuyers find themselves in a bidding war with other buyers. RE/MAX has some pointers to help you act fast during the bidding process to gain the seller’s attention.
1. Have a “Dream Team”
Having the right people by your side during the purchase process is critical to your success. Whether it is a real estate agent or mortgage loan originator, each plays an important role. Having an experienced advocate on your side can mean the difference between landing your dream home or starting your home search from scratch.
2. Go with Your Gut
Don’t hesitate if you like a home – make sure your offer is one of the first. You and your agent should be on alert to constantly monitor homes for sale so you can get the jump on the competition. Research the properties before the showings to be prepared to make an offer on the spot if you find the home of your dreams.
3. Sweeten the Deal
Do whatever you can, within reason, to make the decision easier for the seller. Talk with your agent about adding an escalation clause into your offer that automatically increases your bid if other buyers come in. In competitive markets, buyers often cover the seller’s costs, or make concessions when the inspection suggests repairs. Go the extra mile to make your offer more attractive to the seller.
4. Write a Love Letter
Selling your home can be an emotional process, it’s a place filled with your memories. Send along a thoughtful offer letter telling the sellers how much you love their home, about your family (consider including a photo), and about the memories you would love to make there. This may help the sellers feel better about passing their home on to you.
Ready to win your next bidding war? Add me to your home buying dream team!
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4 Steps to Win a Bidding War
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