HOW TO WIN A PROPERTY BIDDING WAR - Reid Real Estate Group
September 5, 2017

HOW TO WIN A PROPERTY BIDDING WAR

WHEN FACED WITH COMPETITION FOR THE NEW HAVEN COUNTY HOME YOU WANT TO BUY – CONSIDER THESE 4 TIPS TO BECOMING THE WINNING BIDDER:
happy couple closed homeBe flexible! Find out a little more about the seller’s situation. Are they trying to find a new home to buy while selling the old? Perhaps they could use a longer time to close or vacate. Is it a bank owned foreclosure? Speed is likely key. Is it a short sale? Be prepared to patiently wait for the approval but move fast when the approval comes. Knowing a little more about the seller’s situation will help you draft an offer with terms most desirable to the seller. I have seen terms win out over higher price on many occasions.
Be prepared! Spend time talking to a lender before you start shopping for homes. Have a pre-approval letter or proof of funds letter ready to go. An offer un-accompanied by a pre-approval letter won’t get you the time of day and in a multiple offer situation a seller is not likely to wait for you to go talk to a lender before they make a decision.
Limit contingencies! Tighten up dates on inspections and mortgage commitment contingencies, or waive them. If you have a home to sell, but dont need to sell it to buy – you may want to consider not having this major contingency at all if not necessary.
Offer your best price! This should be obvious but is not always. Bidding wars don’t happen with properties that are overpriced. If you are facing competition for a property – it is likely priced well already. This is not the time to try to see what kind of deal you can get by making a low offer. You may not get a second chance to get it right – be prepared to go in with your best!

Last Updated on January 1, 2018 by Minna Reid

Minna Reid

Minna Reid is The Broker - Owner of Reid Real Estate Group. Reid Real Estate Group is a full-service Connecticut residential real estate brokerage, specializing in helping homeowners with legal and financial challenges including short sales, probate sales and tax lien complications.

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