Here’s what you need to remember if you want to win a bidding war.
In our current real estate market, bidding wars are common in the price point below $250,000. If you’re a buyer, how do you win a bidding war in this range? Besides having the desire to win, there are several points to focus on to make your offer the best it can be, including price, inspections, the closing date, and contract terms.
For example, I’ve seen a property sell for $5,000 less than what another buyer offered simply because the accepted offer was a cash offer instead of a financed one. This kind of thing varies from person to person and property to property, though.
Additionally, a strong offer should include a short inspection timeline (or none at all) and a flexible closing date. Home inspections are an important part of the transaction, so if you’re worried about yours, you can perhaps walk through the property one more time with your agent before the closing to check whether there are any glaring issues.
Also, if the seller has another property under construction they plan to buy that may not be finished in time for the sale of their current home, a flexible closing date may be exactly what they need. In any case, make sure you’re comfortable with how you write your offer and what the terms are.
If you’d like to know what else you can do to win a bidding war in this market or have any other questions, don’t hesitate to reach out to me. I’m here to help.