Top 10 Tips to Win a Bidding War

When it comes to purchasing a home in a competitive market, serious buyers who have done their homework are the ones to beat. Mortgage rates may be rising and sidelining some buyers, but the Wall Street Journal reported that according to a major search site, 69% of homes in July faced multiple offers. So how can buyers win a bidding war without overpaying? Here are the 9 tips we offer our clients 10 tips to prevail in a bidding war:

1.Know your target area, and what the real values are
2.When it comes to price, be realistic
3.At the same time, pick your “walkaway number” – and stick with it
4.Be flexible on other offer terms
5.If at all possible, do any inspections prior to your offer, and remove the inspection contingency
6.Once you know you want to buy, don’t dawdle
7.Get pre-approved prior to viewing property
8.Decide what you will do if the home appraisal is below the asking price
9.Position yourself as a backup in case another buyer pulls out
10.Connect with the sellers through a letter or personal meeting, if possible

Deborah Bremner
The Bremner Group at Coldwell Banker
BRE # 00588885

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