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Navigating A Bidding War
Summer is a popular time to shop for a home, which coupled with the current shortage of housing inventory, has made the home buying process extra competitive. Once you find a house and are serious about making an offer, you may not be the only one interested, which could leave you face-to-face with a bidding war. Here are some tips to help you make an offer that the seller may not be able to resist.
1. Get preapproved for a loan
Securing a preapproval letter from your mortgage lender before beginning your house hunt allows you to make an offer the moment you find your dream house. Acting fast and being prepared, especially in a seller’s market, could be the difference between getting the house and losing out to another interested buyer.
2. Do your homework
Researching market trends for comparable homes can help you immensely in a competitive market. Have your real estate agent pull data for recent sales to determine if they are selling at (or maybe even above) the asking price to help you determine your initial offer.
3. Make a strong first offer
Once you’ve gathered information about recent comparable sales, use it to make a serious offer on the home. It will get the seller’s attention and put you on their radar as a viable contender for their home.
4. Show your flexibility
Let the sellers know that you are open to adjusting the closing date to meet their needs. Each seller’s situation is unique, and the option of a flexible closing date may work in your favor.
5. Write a letter
Stand out from the crowd by including a handwritten letter with your offer. Make sure to tell the sellers a little bit about yourself and what made you fall in love with their home. Knowing that you love the home as much as they have may have an impact on their decision as they choose which offer to accept.
6. Establish open communication with your real estate agent
Being available to communicate with your real estate agent quickly during the offer process is essential, especially in a bidding war situation. Be sure to establish the best contact method with your agent early on, whether it be a phone call, email or text message, so you don’t miss out on an opportunity to negotiate with the seller.
ABR, CRS, E-Pro, RSPS, SFR, SRES Jim is a “Jersey boy” originally from north Jersey in the Totowa, Little Falls area. He made the move to Stafford about 30 years ago, after finding the perfect....