Raise Your Chances of Winning a Bidding War
Here are three tips to help you win a bidding war.
Buyers: Have you been losing out lately? Maybe you’ve submitted offers on multiple homes and were outbid by other buyers. In this market, that wouldn’t be surprising; almost every available home receives numerous offers. The competition is fiercer than ever. Today we’ll share three tips to help you win in a bidding war for a house:
1. Hire the right agent. As you’re interviewing agents to help you through the process, be sure to ask them how many multiple-bid wars they’ve helped buyers through. And how many did they successfully win for their buyers? If their success rate is over 90%, then they’re a good fit for you.
2. Offer the seller an incentive. In this competitive market, many sellers and their agents are setting deadlines for buyers to submit offers. If, for example, it’s Saturday and the seller says that they’ll respond to any offer submitted by 5 p.m. on Monday, you could offer the seller a $5,000 bonus to accept your offer today instead. There are many other incentives you could offer sellers; reach out to me if you’d like to learn more.
Including appraisal gap language in your offer can alleviate a seller’s stress and boost your chances of winning the bidding war.
3. Waive your appraisal or come up with an appraisal gap. The appraisal gap language says that if the appraised price comes in lower than the agreed-upon sales price, then you as the buyer would pick up the difference out of pocket. That alleviates the seller’s stress regarding the appraisal.
These are just three tips to help you win in a multiple-bid situation. If you’d like to learn more or have any questions, please feel free to reach out to us.