How to Win a Bidding War

 

The market can be a highly competitive place. Today, I’ve got five tips that will help you win a bidding war.

  1. Do your homework. Do you know if the seller has already bought a new home? If they haven’t, you could boost your chances by offering to let them close quickly and rent back the property from you until they find a new home. However, if they have already bought a home you can still get ahead by offering to match their closing date.
  2. Write a clean offer without subjects. Get your financing and inspection approved before writing an offer. Submitting a subject-free offer puts you in a better position than those who have submitted offers with subject conditions.
  3. Present the offer in person and quickly sign counteroffers. Face-to-face interactions are always better than those done via email or the phone. Since most offers aren’t carried out this way, your interaction with the seller is going to stand out.
  4. Provide a deposit check with your offer. The deposit check will demonstrate your offer’s financial strength. Deposits for amounts greater than 5% will also help your offer go the extra mile.
  5. Appeal to the seller’s emotional side. If you aren’t submitting your offer in person, take a photo of yourself and attach it to a letter explaining what you love about the seller’s home. Letting the sellers know how much this property would mean to you can add a lot of weight to your offer. I’ve personally seen a number of offers win using this strategy.

“Face-to-face interactions are always better than those done via email or the phone.”

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

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