Our Top Tips for Winning a Bidding War

Melanie Ferguson Real Estate Podcast

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Today we’re going to talk about how we set our clients up for success when making an offer during a bidding war. If you’re thinking of selling this spring, you’ll likely face situations similar to this. It’s important to know how to deal with them.

There are several secrets and tricks of the trade we have to win offers for our clients that find themselves in multiple offer situations. One of the most important of these is a pre-approval letter. The seller doesn’t know you from the next buyer, but this establishes your credibility with them. Get pre-approved by a local lender, who is recognizable by the seller’s agent, so they can recommend this as a good move and a solid pre-approval.

We also like to see buyers put down a substantial amount for an option fee. This is the fee that shows the seller you are a serious buyer and aren’t just putting out offers on any and every property.

Another tip is to write a personalized letter to the seller. You want to put some feeling into it and make the sale real to them. It shows that you are a real buyer with a real family looking to buy a home.

As for the amount you offer, you want to be realistic about price. If it’s priced right, offer what they are asking, or maybe a little more depending on what the situation is. However, we would never let our clients overpay for a property.

Finally, we like to make sure we are utilizing the seller’s agent’s preferred closing office. This is something a lot of agents will pass over, but is just another way to highlight your offer and help it stand out amongst others.

These are just a few of the tips and tricks we have for getting our clients’ offers accepted in a multiple offer situation. If you have any questions for us, give us a call or send us an email. We would love to hear from you!