How Do I Get Ahead in A Bidding War?
Being in a bidding war this spring won’t be uncommon, but these tried and true tricks can keep you ahead of the competition:
1) Consider writing the sellers a letter! This costs you nothing, and it can be especially meaningful if the current owners have lived in the home a long time. Include a photo, a little bit about your family, and let them know that their beloved home will be in excellent hands.
2) Submit your offer with an escalation clause. This addendum to the contract allows your offer to jump just a bit higher than any other offers submitted. Ask your agent if this might be beneficial for you.
3) Be prepared! Sellers won’t consider your offer unless it is accompanied by a pre-approval from your lender (or a bank statement if you’re planning on paying cash). Be sure to reach out to a lender well in advance of your home hunt.