Buying a house in the current hostile real estate market can feel like a nightmare. The market is so strained and intense that, more often than not, trying to buy a house means you’re getting into a bidding war.
Nobody wants to be on the scary end of a bidding war. All that hope and work put into your dream house only to be outbid at the finish line is heart breaking. But it doesn’t have to end that way. With the right strategy you can win the bidding war and get the house of your dreams!
Build a Bidding War Strategy
The best way to start is to sit down with your realtor before you even start seeing houses. Get a clear idea on what your buying-strategy is so, when it comes down to the wire, you know what your plan is. Don’t get caught making panic decisions that you end up regretting later.
Give Your Offer Some Personal Touches
Sometimes it’s the little things that make a difference. Tug on the seller’s heartstrings with a personal letter or a family photo. Give them a sense of connection to you and your family. It won’t work all the time, but when it comes to the home of your dreams, it’s best to pull out all the stops.
Waive Your Contingencies
Contingencies are protections built into the offer on the home that help protect the buyer in case there are hiccups along the way. But having your offer full of contingencies could hinder you, especially if you’re trying to win a bidding war. Know what contingencies you’re willing and able to remove if you need to, this should be part of your bidding war strategy.
Let the Current Owners Pick the Closing Date
It’s possible to include the condition that the sellers decide on the closing date. For lots of sellers the timing on a closing can be crucial. Giving them the power and flexibility can be huge for you. Just make sure you’re prepared if they want a super fast closing, or want to put it off an extra month while they get themselves moved out.
Be the Back-Up Plan
Even if you lose the bidding war, your real estate agent can coordinate with theirs and leave your offer in as a backup offer. If something goes wrong and the accepted sale on the house falls through, your back-up offer will be ready and waiting.
Once you’ve won the bidding war
Contact us! At Frank B. Pallotta Law we are licensed Real Estate Lawyers with 20 years of experience helping our clients in Georgia navigate the closing process. Reach out to us with your questions.