Real estate bidding wars are a constant battle in the housing market, but not every market is at war. There are several reasons the demand to buy or sell is hot or cold in your market, homebuyers might find themselves competing for houses because there’s not many for sale in their current market or the buyer doesn’t meet all of the seller’s conditions. Either way, the housing market competition must be played right, with a strategic plan to win a bidding war.
If the housing market is competitive in your area then it’s best to step up your game, and your bid, from other competitors in the market. Use the following top ten list to help you outsmart your competition and win that bidding war.
10. Gather all of your finances, including amount approved for a loan, and be prepared to make an offer at any given moment.
9. Submit your loan paperwork before an offer is made. The sooner your paperwork is in the hands of authority, the better your chances are at winning your new home.
8. Make a competitive offer with minimal contingencies.
7. Be flexible when it comes down to the move-in date. If you really want this home then be ready to move in right away or bunk up with in-laws for a longer wait.
6. Write a letter to the seller explaining why your family would be perfect in this home. Adding personal connections to the seller might give them a more comfortable feeling to know their home will be properly cared.
5. Raise the earnest money to show the seller how serious you are about purchasing the property.
4. Be on the seller’s good grace by covering all selling costs.
3. Offer to buy items in the seller’s home. This can help the seller get rid of items they don’t want to move and help you fill a home with furniture.
2. “As is” offers will give the seller a sense of relief, not having to deal with minor repairs and the hassle of touching up paint everywhere. (Of course you will want the contingency of a home inspection, for any major repairs needed on the home).
1. It’s a bidding war for a reason, while you’re bidding on this home, be sure to have a backup plan, making offers on other homes that might be in the running of your dream home.
Each step in the home buying process should be taken serious as each decision could have an effect on your future investment or place of residence. Taking control of your emotions will also have an effect on your home buying decisions, so be sure to set these feelings aside as opportunities in the housing market are always rising and falling.
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