How to Handle Bidding Wars as a Buyer

Lou Cardillo Home Selling Team Real Estate Podcast

Buying a home? Click here to perform a full home search

Selling a home? Click here for a FREE Home Price Evaluation

Challenge me to sell your home in 60 DAYS OR LESS!

How do you make yourself a more desirable home buyer in a bidding war situation? There are a few key tips and tricks I can teach you that will make your offer more desirable.

The first thing you have to do is get pre-approved. This is the most important thing for you to do. I recommend getting pre-approved before you even start looking at homes. Getting pre-approved lets sellers know that you are serious about buying a home.

Also, have at least 20% to put down. I know there are mortgages out there that don't require 20% down, but the more money you put down, the lesser of a risk the seller's going to have when taking your offer. Just think that if you go in with 10% down and another offer comes in with 20%, the seller is more likely to go with the 20% down payment. You don't want that to happen.

Don't lowball the seller. You have to come in with your best offer. Price and terms are the two most important things a seller looks at when examining offers. We've seen buyers win bidding wars against higher prices due to better terms.

Finally, make sure your contingencies are reasonable. If there are any inspections you can skip - pest inspections, sewer inspections, etc., - do so. You want your offer to be as clean as possible. The fewer contingencies you have, the more likely the seller is to take your deal.

If you have any question's about today's topic, give me a call or send me an email. I look forward to hearing from you!