Winning a Bidding War
June 24, 2021 | Exodus Realty
With a low inventory of homes for sale, bidding wars may be common. In her June 7 article for US New & World Report, Maryalene LaPonsie offers suggestions on “How to Win a Bidding War on a House.”
LaPonsie’s suggestions include:
Pay cash or waive financing—if there is no financing involved, this gives the seller confidence that the deal won’t fall through.
Be pre-approved for a loan—if you can’t pay cash, getting pre-approved is the next best reassurance for a seller that the impending deal is a good one.
Remove contingencies—if a seller has two offers on the table, one of which is contingent on a buyer selling a current home and a second that has no contingencies, guess which one is more attractive to the seller? The fewer strings attached to an offer the better.
Make your offer personal—when making an offer to a seller who has multiple offers, include a letter explaining why you should win the bidding war. Some buyers may be touched by the personal note.
For additional info on these tips, and a handful more suggestions on how to win a bidding war, read LaPonsie’s full article here.