Thursday, June 21, 2018
4 Steps to Win a Bidding War
Housing inventory is tight across the country, and many homebuyers find themselves in a bidding war with other buyers. RE/MAX has provided 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. Letting my experienced team members advocate for you 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 to be submitted. You and I should be on alert to constantly monitor homes for sale so we can get a jump on the competition. We'll research the properties before the showings to be prepared to generate an offer right after visiting the home.
3. Sweeten the Deal
Do whatever you can, within reason, to make the decision easier for the seller. We can talk about how to position the terms of the offer to best meet your needs and accomodate the sellers desires - whether it be a quick sale, need for possession after the sale, or possibly adding an escalation clause to the offered amount. In competitve markets, buyers can be creative by offering to pay the seller's closing costs, or making concessions when the inspection report suggests repairs. Go the extra mile to make your offer more attractive to the seller.
4. Write a Love Letter
Selling a home can be an emotional process, especially if the home is filled with many years of memories for the current owners. Send a thoughtful offer letter telling the selling what you liked about the home, a little about your family, how you will care for the home as well as they have and about the memories you would love to make there. This may hlep the sellers feel better about passing their home on to you.