How to Win a Bidding War

How to Win a Bidding War

In a fast-paced market, it is common for one house to get multiple offers. Nowadays, chances of running into competing offers is very common. So how do you win the home you love? Here are some tips for you to win the bidding war.

1. Get Pre-approved

Getting a Pre-approved letter would send the message to your seller that you are a serious buyer and that you are eligible for a mortgage for a specific amount. It increases your chance of getting approved by the seller because having a preapproved letter means that there are fewer chances of having problems later on in the closing.

2. Prepare Your Cash

Cash is king especially in bidding wars like this.  All-cash offers have a lesser possibility of falling through. If you don't have enough money to pay for an all-cash offer, at least have enough to cover downpayment and you should have them ready to go. The higher the downpayment and the faster you can process to give it, the better.

3. Tap into their Emotion

Writing an emotional letter to the seller really helps. It is a proven and effective strategy, some studies say that it even increases odds up to 50 % because an emotional letter gives an impression that a serious buyer is behind an offer and the transaction.

Finding the perfect home is hard and it makes it even more difficult with all the competition. Finding a Seasoned Real Estate Agent also helps a lot. If you are looking for the perfect home for your family in Boca Raton, we can help make that dream come true. Call us today and we would be glad to help!

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