As many markets continue to heat up, both buyers and sellers are facing multiple offer situations. If you’re a buyer in a bidding war, here are some tips to give you an edge:
- Get pre-approved for your loan. Get pre-approved by a local lender and attach a copy to your offer.
- Think unevenly. An uneven offer price such as $251,000 instead of $250,000, will stand out from the others, and it may just beat an offer that came in at a slightly lower figure with an even bid.
- Be flexible. The fewer contingencies and the cleaner the offer, the better the chance you have to win a bidding war. Have your agent find out the seller’s ideal closing date, and offer to make it happen.
- Hide your hand. Determine the highest bid you’re trying to beat, and try to come in over that rather than offering the most you can afford.
- Don’t get distracted. If you find yourself caught up in the excitement of a bidding war, step back and reassess if the home has everything you want and need.
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