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Tips to Help You Win a Bidding War

Jun 14, 2008
In today's market, real estate bidding war have become a common occurrence. More often than not, when you are trying to buy a home, there will be other buyers and you may end up in a bidding war. This is a reality of the current real estate market but if you are prepared for a multiple bid situation, the process may not be so stressful. This article will offer a few suggestions to help you become the winning bidder.

Below are a few suggestions to increase your chances of winning a bidding war.

One: You want to ingratiate yourself with the seller. Take the time to meet the owner. If they recognize you, and have a good memory of meeting you, your offer becomes more personable. This may help you win the bid.

Two: If possible, do not put conditions in your offer. You may call your mortgage broker to ensure that the price is well within your limit and not have to put a condition on financing. You may want to have a home inspection before the offer date so you can remove this condition from your offer. A no condition offer will be more appealing to the seller.

Three: Always be prepared well ahead of time. You want to make sure that you get pre-approved for a mortgage and have your letter available for sellers to see.

Four: Always know what your cut off price is before you start bidding. This will avoid emotional bidding or getting caught up in the bidding frenzy. Winning a bidding war is great but not if you have to pay well above market value or well above your means.

Five: Do some research about the other homes in the area. This will help you determine the market value of the home you wish to purchase. However, beware that in a popular neighborhood with limited homes available, a home may sell well above its true market value. Be careful not to offend the seller by pricing your offer too low.

Six: Put down a deposit that is more than what they are asking for. This will appeal to the seller.

Seven: Give the seller a quick closing date or offer to close on their preferred date. This may help you win a bidding war.

Eight: Always make your best bid at the beginning because most of the times you will only get one chance to bid. Try to know ahead of time how many offers will be presented. This will help you determine how to price your offer. The more offers, the higher the final selling price will be.

Nine: Offer the seller personal information when you make an offer. For example, reassure him/her that you will keep and maintain their garden, or that you plan on keeping all the original trees, etc. Home owners become very attached to their home and knowing that the next owner will take good care of the house they spent so many years in will be reassuring.

Entering into a bidding war can be stressful and emotional. However, if you take the time to prepare yourself and follow the tips mentioned above, you will be in a great position to win the bid. Good luck!
About the Author
Mira Novosel is a Re/Max real estate agent in Mississauga , Ontario. Contact Mira for information on listing mississauga property and for real estate market news.
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