4 Steps to Win a Bidding War

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. Having an experienced advocate on your side can mean the difference between landing your dream home or starting your home search from scratch.

Don’t hesitate if you like a home – make sure your offer is one of the first.  You and your agent should be on alert to constantly monitor homes for sale so you can get the jump on the competition.  Research the properties before the showings to be prepared to make an offer on the spot if you find the home of your dreams.

Do whatever you can, within reason, to make the decision easier for the seller. Talk with your agent about adding an escalation clause into your offer that automatically increases your bid if other buyers come in. In competitive markets, buyers often cover the seller’s costs, or make concessions when the inspection suggests repairs. Go the extra mile to make your offer more attractive to the seller.

Selling your home can be an emotional process, it’s a place filled with your memories. Send along a thoughtful offer letter telling the sellers how much you love their home, about your family (consider including a photo), and about the memories you would love to make there. This may help the sellers feel better about passing their home on to you.