Making your offer stand out in a bidding war
Bidding wars can be intimidating, but don’t fret. Aside from keeping your composure, the following tips will help make your offer stand out and beat the rest of the competition.
- Attach more money to your offer.
One way to get the seller’s attention is to commit more money to your offer. You can do it three ways: place an offer above the property’s asking price, increase the money you’ll put into the escrow deposit, or do both. By offering more money, you’re implying that you are a serious buyer worth considering.
- Write a letter.
You can also convey your enthusiasm in buying the property by writing a letter. Keep it real and simple; talk about what you like about the property, what your plans are, and why you’re so keen on buying it. By writing a letter, you’re building rapport with the seller, especially if the seller is still connected to the property emotionally.
- If you can, make a cash offer.
Sellers are often attracted to buyers with cash on-hand for the purchase, so if you can afford it, go ahead. If not, make sure to get your financing in order before making an offer. Get a pre-approval to let the seller know you’ve already handled your finances and you’re ready to purchase a home.
- Offer to buy the home as is.
Buying the home “as is” basically means you’re purchasing the property in its current condition. Sellers are attracted to this prospect, as it not only releases them from the possibility of making repairs, but also increases their net profit. You can still go ahead and hire an inspection to look at the property, but the findings are only for informational purposes only.
We have plenty of real estate tips for you. Check out our blog for more home buying and selling resources.