How To Win a Bidding War Without Offering More Money
In today’s real estate market interest rates may have risen but demand is still high due to the long time problem of slim inventory. For some this still means that multiple bidding situations are still occurring and for those with less buying power from higher rates it may be that you will turn to other ways of making your offer competitive. Here are some ways buyers have made their offer stand out without offering a higher price for the home.
One of the appeals to sellers these days is not only trying to get a good price and a few offers, but often is the speed of the sale. A home sale process can be a stressful one with lots at stake so making it go even faster can be an attractive benefit to your offer. Make sure you have your pre-approval completed, your attorney hired and ready and a home inspector ready to book immediately after your offer is accepted and get that purchase contract signed in a handful of days rather than the week or week and a half that is typical.
Best Foot Forward With Shorter Window
Another idea is to make sure you are putting your best foot forward with a strong and attractive offer, but consider giving the sellers a shorter window of time to accept it. Rather than the usual day or two go for a window of four to six hours instead.
Target Homes With More Days on Market
Of course you will want to see what hits the market in real time, but if you keep missing out on properties you can consider even looking at homes that are slightly above your price range but have been on the market for a while. If these are good candidates then you can consider writing an offer for less that is within your budget. You never know if the sellers may be eager enough to take it and get the home sold.
Arm Yourself With Local Professionals
Relationships matter. A good way to get to a successful purchase is to assemble the right team to work with. Work with a professional, experienced and local agent such as myself. Working with someone who is well known locally and has a report with the listing agent is always a benefit to a deal. Furthermore, working with local lenders with strong track records for loans that close is also another reason why a seller may choose to accept your deal.