Buying a home can be stressful, especially when you find yourself engaged in a cutthroat bidding war with other would-be buyers. These situations can send you into panic mode, as you rush to outbid the other buyers with visions of your dream home being snatched away.
As the #1 realtor in Encinitas, I’ve seen it all, and have some tips that can help you come out ahead in a bidding war.
Appeal to the Owner’s Emotional attachment
Not everything is about money, and there is a good chance the seller still has an emotional attachment to their home. One way to appeal to this is to include a short letter to the seller with your initial offer. Let them know how much you like the home, and how much you would enjoy living there. Sharing these personal details with the seller could have an impact on their decision, and help you stand out against other buyers.
Make Your Offer More Appealing
Even if you can’t compete financially against other buyers, there are other ways to make your offer appealing. For example, make your proposed inspection period shorter. An aggressive timeline can show buyers you are serious about purchasing the home, and reduces the time they will have to wait without seeing progress with the deal.
Show Them the Money
If you find yourself locked in bidding war, you can make your offer more attractive without increasing your bottom line by making a larger earnest money deposit. An earnest money deposit is a deposit made to show a seller good faith in a transaction. Find out what a generous earnest money deposit is, and come in higher than that amount. This tactic can easily create a cease-fire in even the most heated bidding war.
Above all else, the most important advice in a bidding war is to remain calm. Don’t let other buyers influence your bottom line, and force you to pay more than you want. With the right help, cooler heads can prevail. And as the #1 realtor in Encinitas, I can provide you with that help. I’ve seen countless bidding wars, and I can advise you on the best course of action to take.