How to Survive a Bidding War

Imagine walking through the front door of a home, and with each room you pass, you check off more and more boxes on your wish list until you realize this home has everything you have dreamed about and more. You can easily picture yourself getting the keys, and unlocking the door for the first time and immediately feeling at home in this space. The problem is that depending on the location of the home, it may not be as easy as putting in an offer and signing on the dotted line.

Fortunately, we have the tips you need to win a bidding war in a competitive market.

remax agent

Listen to your RE/MAX agent

Your agent knows the intricacies of your local housing market, and chances are they have helped other clients through a bidding war and know a few survival tips. Before making an offer, speak with your agent and determine a smart purchasing strategy before entering into a potentially stressful bidding war. This way, you will stay level-headed and avoid making any rash decisions that you aren’t fully comfortable with.

Mortgage Application

Get pre-approved

When you begin your journey to home ownership, we can’t stress enough the importance of doing your homework – especially financially. Getting pre-approved will not only help you understand how much you’re able to borrow, it will provide boundaries and show sellers that you mean business. This will also allow you to have your deposit funds ready, showing you’re serious about the offer and have fulfilled the requirements in advance.

Personal Touch

Add a personal touch

From a seller’s perspective, know that it’s not always an easy process. On top of having strangers your (and criticize) their home, sellers will be leaving the place they have known and loved. Sometimes it’s nice for them to know a little more about the new owners. Consider writing a letter sharing what you love about the property, unique features you would like to keep, and what your family is looking forward to enjoying.

 

If you would like to learn more tips and information about successfully surviving a bidding war, make sure you reach out to your RE/MAX agent or a local RE/MAX office who will be able to answer all of your questions.