Tips & Tricks for Winning a Bidding War

So you’re thinking about buying a house—how do you win a bidding war on a home?

If you’re in the market to buy, what’s the key to winning a bidding war against other buyers who want the same home? Well, there are some tactics that are proven to help homebuyers make and win offers on properties in a competitive market:

1. Offer cash for the property if you can. Cash offers tend to be more attractive to sellers than financed offers.
 
2. Write a personal letter to the seller. Let them know about you and your family. Why do you love their house? The downside of letting the seller know your desire is that it mitigates some of your leverage, but if you’re serious about purchasing the home, personal letters can help you stand out against the competition.

Don’t use any of these tactics without first consulting with a real estate professional.

 3. Waive the financing contingency. If you’re using a loan to buy a home, consider waiving the financing contingency, or the clause that states your home purchase is contingent on your loan getting approved. It might be a little more risky for you, but it does give your offer a little more strength.
 
4. Write an escalation clause. This is where you write a clause into your offer that says you’ll be willing to pay a certain amount more than the top offer up to a certain dollar amount. For example, you could say you’ll pay $500 more than the top offer up to your budget ceiling.
 
5. Waive the home inspection. One way to highlight your offer is to make it known you’re willing to take the home as is. This isn’t usually recommended since home inspections are an important part of the process (especially if you’re paying top dollar for it).

Don’t use any of these tactics without first consulting with a real estate professional, and that’s where the Charlotte Mabry Team comes in handy. Our buyer specialists are excellent at helping clients win their dream home and know how to skirt the fine line between winning an offer and paying way too much.

Feel free to reach out to us anytime you need help with a home purchase! Our buyer specialists are standing by to serve you.
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Location: Chattanooga, TN, USA

How to Find Out Whether a Neighborhood Is Right for You

If you want to find out whether a neighborhood suits you or not before buying a home there, here are a few tips to remember.

When you buy a home, you’re not just buying the home—you’re buying the neighborhood too. What should you look for in the neighborhood of your prospective home to make sure it suits you?

A great way to check things out is to book an Airbnb home in the area and spend a night or weekend there. Not all neighborhoods will have something like this, but if it’s a possibility, I highly recommend it.

Next, check the area’s crime rate. All sorts of websites will let you check crime rates of statewide ZIP codes or neighborhoods. I’d also check whether any sex offenders live in the area. Also, try driving from the neighborhood to your workplace during rush hour to test the commute and make sure you’re okay with it.

Try meeting some of the neighbors—they’re the best resource you’ll have.

 Visiting the local stores and restaurants is another useful tip. You might find out that the nearest grocery store is a place you’re not a fan of, and the one you do like is in another part of town.

After that, try meeting some of the neighbors—they’re the best resource you’ll have. They'll probably be more honest than they should be, but they can tell you all about the neighborhood.

In general, my advice is to check out the neighborhood before you look at the property. It’s always good to do your homework!

If you’d like more home purchasing tips or have other real estate questions, don’t hesitate to reach out to me. I'm here to help.
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Location: Chattanooga, TN, USA
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