How to Win the Bidding War
Competition in the housing market can be stiff. Here are a few tips to help you win the bidding war for the home you want.
Submit all financial paperwork before house-hunting.
Including a pre-approval letter in your bid indicates you are serious about buying the home now and can be trusted to follow through quickly.
Include an escalation clause in your bid.
An escalation clause allows the bidder to make an offer, while stating he or she is willing to escalate the bid in small increments to a pre-determined amount if other bids are made. Ask your real estate agent for advice on when an escalation clause may be helpful.
Be flexible on closing.
If you have less demands than the other bidders, your offer could seem more attractive. Demonstrating you are flexible on the possession date or covering closing costs could play to your benefit.
Appeal to the sellers’ emotions.
Selling a house can be an emotional experience. A letter detailing why you love the home may tug on the sellers’ heartstrings. Show them their beloved home is going to a buyer who will care for it as much as they did.
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