How Do I Make the Best Offer During a Bidding War?
- Real Estate Tips
- June 8, 2021
In a seller’s market, you can often expect a bidding war. While you may not be able to win every bidding war, here are some tips to make the best offer for the seller!
• Make Sure You Have a Preapproval Letter: This is the most important piece to the seller! In order for you to look like the best candidate, you need to be preapproved for a mortgage before placing a big. A preapproval letter is different from prequalification. Preapproval letters will show a seller that you’re serious about buying a home and you have the means to do so.
• Make The Highest Offer You Can: While you shouldn’t offer your highest offer right off the bat, you should try and offer the most you can eventually. Typically, the highest bidder is the one who wins the house!
• Write a Personal Letter: In some cases, a seller may have a personal attachment to the home. They often want the home to go to someone who will take care of it and appreciate it the way they did! In your letter, you can appeal to this side and include a few details about yourself or your family.
• Drop Any Contingencies: If there is one thing that sellers hate, it is contingencies! You can make your offer stronger by dropping any contingencies you might have.