How To Win a Bidding War In Real Estate

How To Win a Bidding War In Real Estate

Winning a bidding war over a house or piece of property may seem like a daunting task. However, in this article, we will be explaining how to win a bidding war in real estate.

Firstly, a bidding war occurs when multiple potential clients compete for a single property, monetarily.

Find out what the seller wants:

First things first, you want to be made aware of how much the seller wants from their property. One strategy you could use is offering the exact amount or slightly above this amount. If the seller is dealing with a number of offers, make sure to top all these offers in order to win.

Offer a large cash deposit:

In the scenario that you have to finance, put down a 20% – 30% down payment. Furthermore, this shows the seller that you are willing to take the risk and this allows the seller to have confidence in your offer.

Bring Cash:

Thirdly, bringing cash ready for the purchase is a great strategy to use when you want to win the war. Most sellers will find it extremely difficult to reject your offer once you have the cash ready. Moreover, your offer will seem more genuine compared to offers that require payments in installments or if they were to get the property on a mortgage.

Be Flexible:

Lastly, it is super important to offer flexibility as the buyer. In the event, that the seller will still need some time to vacate the premises, offer a flexible time period during the negotiation process.

 

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