sold_sign_400There is an art to bidding on a house and winning.  If you learn this art, then you can increase your chances of getting that coveted winning bid and having your new home.  For all you know, these tricks could be all that stands between you and buying a home of your dreams. 

Get An Agent

This one is self-explanatory.  When you have a good agent, they can tell you what you need to know, and they can skillfully handle the bidding process.  At Realty Executives, we have experienced realtors you can trust to guide you through this process and to give you the best chance of getting the winning bid.

Offer As Much As You Can

Offering as much as you can is the best way to increase your chances of winning a bidding war.  Money talks and higher offers are obviously going to draw more attention.  At the same time, you want to know your limits.  As much as you want to offer as much as you can within reason, you don't want to make an offer that is out of your price range.  Know your limit and stick to it, even if things get emotional.

Put Down A Big Deposit

Putting down a big deposit goes with the previous trick of offering a lot.  A bigger deposit is a way to make yourself stand out and shows that you aren't playing around.  More is better.  This amount can range from $5,000 to $10,000 or as much as 5-10% of the listing price.  A big deposit always makes a good impression.

Get Preapproved

You want to get preapproved, and you want to include the preapproval letter to show the seller that you mean business.  The seller wants everything to go smoothly just as much as you do, and this letter will inspire confidence.  Showing that you are preapproved lets a seller know that you are a serious bidder.

Skip The Home Inspection

This option is not advised in most cases, but it is an option.  Skipping the home inspection is risky but does appeal to sellers.  Fewer conditions make your offer more attractive to sellers, but skipping the home inspection does mean that you risk buying a new home that needs major repairs.

Consider A Personal Note

A personal note that states what you love about the house can help to separate you from other bidders in a positive way.  You can also share this information if you meet the seller face to face, but a note is often a less obtrusive way of doing it if you and the seller don't connect in person. 

Offer A Quick Closing Date

A quick closing date is one more way to speed up the process of buying a home.  It's a nice gesture that says you want the house, and you don't want to prolong the process.  Sellers like that.

These are several tactics that you can use to bid on a house and win.  They help you to show that you are serious and can help sellers see you as more than just another anonymous bidder.  If you want to bid on a house and win that new home, then that is what you have to do.



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Posted by Jen Dollar on
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