WANT TO KNOW HOW TO WIN A BIDDING WAR?

Knowing the levers you can pull to help you outperform the competition is crucial. Here are a few things you might think about, even though a real estate expert should be your ultimate guide for making a compelling offer.

Offering over Asking Price
The price of the home is probably the first thing that comes to mind when considering ways to make the sale more enticing for sellers. It is true that more homes are selling in the current property market above their asking price since there are more buyers than there are available properties. A local real estate expert can guide you through the process if all you want to do is make sure your offer is still within your means and reasonable given the local market value.

Putting Down a Bigger Earnest Money Deposit
You could also consider putting down a larger deposit up front. An earnest money deposit is a check you write to go along with your offer. If your offer is accepted, this deposit is credited toward your home purchase

Making a Higher Down Payment
You could also increase the amount of the down payment you plan to make. You won't need to finance as much if you make a larger down payment. The seller will feel like there is a lower danger of the sale or the financing falling through as a result of this. Additionally, if other buyers put down less money, that may be what makes your offer stand out from the competition.

Non-Financial Options To Make a Strong Offer
Realtor.com points out that while increasing these financial portions of the deal can help, they’re not your only options:
“. . . Price is not the only factor sellers weigh when they look at offers. The buyer’s terms and contingencies are also taken into account, as well as pre-approval letters, appraisal requirements, and the closing time the buyer is asking for.”

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