7 Winning Tips for Buyers
Imagine, you finally found your dream home, you are financially secured, and are ready to take the next step in buying a house. But if you’re searching for a home in a hot market, there is one thing that hinders you in acquiring your dream home: the other buyers. In seller’s markets, when demand is high and inventory of houses is low, most buyers often have to go above and beyond to make sure their offer stands out from the competition. It can end up in a bidding war. But, there are things that you can do to up your chances.
7 Tips To Win a Bidding War:
- Encourage your agent to reach out to the listing agent. Ask your realtor to find out what the seller is looking for. Is the seller looking for a quick close? An above asking-price offer? Waived contingency? This will help you and your agent craft a competitive offer.
- Make a cash offer. If you're not in a position to pay cash, get preapproved for a mortgage and have your preapproval letter in hand.
- Pay attention to the listing agent's request. Many times, they will have you submit your highest and best offer. Ask your agent for some strategies for handling this type of offer.
- Consider waiving contingencies. If you are financing, check with your lender.
- Figure out where you can be flexible. You'll need to move quickly, so know your must-haves versus your nice-to-haves before you start your search.
- Don't get emotional. Trust your agent to walk you through each step in the buying process.
- Be available. Respond to inquiries quickly and ask your real estate agent to check in regularly with the listing agent to monitor the seller's progress.
Winning a bidding war on a house needs a good strategy and a bit of luck. Your real estate agent will guide you through each step of the buying process and will help you in making the right decisions at the right times. Just be confident, calm, and trust your realtor.