Stuck in A Bidding War? 3 Ways to Win

Stuck in a Bidding War? 3 Ways to Win Without Busting Through Your Mortgage Approval

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Are you making an offer on a new home in a hot housing market? If so, one possibility is that you are

going to end up bidding against other buyers who are looking to buy the same home. Unfortunately, in

some cases bidding wars are inevitable, and they can be a significant source of stress. Let's take a look

at three ways that you can win a bidding war without having to spend more than you can afford.

Price Is Important, But It's Not Everything

The first consideration to keep in mind is that price is important, but it isn't the sole consideration that

sellers make when deciding which offer to choose. In fact, for many home sellers, the price is secondary

to a variety of other factors.

For example, consider whether or not the sellers need to close quickly. Perhaps they are moving to a

new city, or have already bought a new house and are looking to get out of their old one. If you have

your mortgage financing pre-approved and your paperwork in order, you can promise a shorter close

than other buyers may be able to provide.

Have A Face-To-Face Conversation With The Listing Agent

It's worth investing the time in a sit-down chat with the seller's real estate agent to find out what their

motivations are. Are they selling for the money, are they moving, are they under pressure or just getting

rid of the house to make an upgrade? All are factors that you can use to your advantage in a bidding

war.

Another great tip: be sure to find out where the sellers plan to live once they sell their home. If they want

to stay in the house, you may be able to buy it and lease it back to them. That's a difficult offer to refuse.

Be Flexible, But Be Firm

Finally, keep in mind that you will need to be flexible to win a bidding war, but you should remain firm.

Don't bend your offer or terms too much. If you table a great offer and still lose the bidding war, that's life.

You can move on and find another great home to live in.

If you are in a hot real estate market, it's a good idea to mentally prepare for a bidding war when you

submit an offer on a new home. For more insight or to find out how much mortgage financing you qualify

for, contact us today. Our professional mortgage team will be happy to meet with you and show you how

you can purchase your dream house or condo.