With housing inventory tight in many parts of the country, many home shoppers are finding themselves in a bidding war with other buyers. Use these tips to help you successfully act fast during the bidding process and gain the attention of the seller.
1. Have a "Dream Team"
Having the right people on your side during the purchase process is critical to a successful transaction. Whether it is a real estate agent or
mortgage loan originator, each individual plays a large role. From tackling paperwork to market knowledge, having an experienced advocate on your side can mean the difference between landing your dream home or floating back to square one.
2. Go with your gut
Don't hesitate if you like a home – make sure your offer is one of the first ones. Both you and your agent should be constantly monitoring homes for sale so you can evaluate potential homes as quickly as they're posted. Research
the properties before your showings so you can be prepared to make an offer on the spot if the home is a good fit.
3. Sweeten the deal
Do whatever you can, within reason, to make the decision easier for the seller. Talk with your agent about adding an escalation clause into your offer that automatically increases your bid if other buyers come in. In competitive
markets, it is almost standard to expect the buyer to cover the seller's costs, or make concessions when the inspection suggests repairs. Be sure to include this in your offer to make it more attractive to the seller.
4. Write a Love Letter
Selling your home is an emotional process, often filled with memories. Send along a thoughtful offer letter telling the seller how much you love their home, about your family (consider including a photo), and about the memories
you would love to make there. This may help the seller feel better about passing their home on to you.
