Winning In A Bidding War!

Posted by Admirals Cove Homes on Jul 1, 2014 in Home, Real Estate | 0 comments

Buying a home alone is an extremely stressful situation but when you get caught up in a bidding war the stress can be overwhelming. No one wants to think about being faced with a multiple offer situation when trying to buy his or her dream home, but the truth of the matter is that it is a good possibility. The good news is that just because you are in a bidding war doesn’t mean that the only important thing is the bottom line. So we have developed a list of the top five tips and tricks to ensure you come out successful if you find yourself in a bidding war.

1.)   Go Into It Prepared: It is very important that you go into this as prepared as possible because there is a good chance you will only get one shot at this. Be sure to use the experience of tried and tested real estate agent to ensure you are as prepared as you possibly can.

2.)   Move As Fast As You Can: When competing against multiple offers for a potential home it is important that you move as fast as your situation allows. You need to be ready and act as fast as you can but not faster. Make sure you are completely ready and then act as fast as you can.

3.)   Be Sure To Sell Yourself: It is important that you try and sell yourself whenever you find yourself facing multiple offers in a bidding war. Experts recommend that you write a personalized note to incorporate in your offer. Be sure to comment on how much you love the home and what you plan for it.

4.)   Reduce Or Eliminate Contingencies: One of the best ways to get your offer noticed and win during a bidding war is to reduce as much as possible or eliminate any contingencies. Be sure to talk with your real estate agent to figure out what contingencies you can get rid of to make your offer more appealing.

5.)   If You Can Offer Cash: If you can, the best trick in a bidding war is to offer cash for the home. A cash offer makes the selling process so much quicker and easier for the seller and will make your offer that much more appealing. If you can’t offer a full cash offer try to make as large of a down payment that you can.