While there aren’t many homes for sale in literally every market, the bidding wars are back because this means more buyers interested in a small number of homes that are on sale.
In fact, some homes have at least 10 to 15 offers as soon as they go on the market.
That said, here are 3 tips that might help you win a bidding war apart from throwing more money at the seller:
#1: Keep a lender on speed dial
It’s unfortunate that most people first look for homes before contacting a lender and getting their paperwork in place. Experts suggest that one should not only select a lender but complete the application as well as receive a pre-approval letter.
For this you will have to maintain a file with as much documentation as possible such as bank statements as well as pay stubs so that the lender can make a quick decision. This is essential if you are up against buyers who are willing to pay cash upfront.
#2: Keep your home inspector informed
You’ll have to keep your home inspector informed of your new purchase so that an inspection of the home itself can be carried as soon as possible. In fact, it is a good idea to have your home inspector go along with you when you’re looking at a home for the first time ever. This will prevent the home inspection contingency just in case you intend to buy a home without an inspection done.
#3: Make a quick but personalized offer
One of the way to win a bidding war is by bidding for a home the day it goes on the market. Ensure that your buyers agent talks to the listing agent so as to find out what motivates the sellers which you can work into your offer. This will help you bid to be picked above a number of others made that day.