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