How Can You Win in a Multiple-Offer Bidding War?
Three tips to improve your chances of winning against multiple offers.
How can you, as a buyer, win in a multiple-offer bidding war? Here are three great tips:
1. Hire the best agent. Ask the agent that you’re working with how many multiple-offer situations they’ve actually presented on behalf of the buyer and what their success rate is. If it’s nine out of 10 or even eight out of 10, that’s the right agent.
2. Think about the appraisal. If you’re using financing, I want you to use appraisal gap language. The appraisal gap states if the appraised price is less than the sales price, the buyer will pay the difference.
3. Offer the seller incentives. If you really want that house today, offer them a hefty amount of money. It could be as simple as offering $10,000 upon contract acceptance to be released from escrow to the seller for accepting your offer. There are a lot of different incentives that you can use with sellers.
If you have any questions or if there is a particular topic that you’d like me to discuss, please reach out to me via phone or email. Until next time, keep going strong.