How to Win Bidding Wars
With a lower inventory of homes for sale, we’ve seen many sellers receive multiple offers on their home. While these multiple-offers can be great for the sellers, they can lead to bidding wars and quite a bit of stress for the potential buyers involved! Here’s how to beat out the competition if you’re shopping for a well-priced home in a popular neighborhood:
EveryHome’s beautiful new listing at 3195 Doebrook Rd, Worcester PA
1. Get your financial ducks in a row. Before getting serious about any homes, be sure to secure a pre-approval letter from a qualified lender. You’ll need a pre-approval letter to submit an offer. Plus, getting pre-approved is easy—it just takes a few minutes over the phone. We know lots of great lenders, and we’re happy to refer you and help you every step of the way.
2. Don’t wait to see a home! Instead of waiting for the open house, be sure to check new listings every single day. (We make this easy for you on our “New Today” section!) If you’re working with an agent, he or she will scour the new listings every day, too. The best homes will often sell before an open house, so time is of the essence!
3. “Cash is king” can be true…but not always! Unfortunately, buyers that are getting a mortgage can be beat out by all-cash offers, but there are ways to edge your cash competition. Consider shortening the loan and appraisal contingencies, and have your home inspection immediately. While we understand that it’s not ideal, you might want to consider paying a little extra if you know you’re up against a cash offer.
4. Be sure to work with a highly communicative and accessible agent. You’ll want to trust that he or she is in contact with the seller’s representative and that he or she knows what other offers (if any) are already on the table. Your agent will be guiding you through the whole process, and he or she should be experienced in the local market and help give you an edge in the competitive environment. Good luck with your future bidding wars!