In a competitive housing market, home sellers are fielding numerous offers, especially in popular cities and neighborhoods. Whether you’re a first-time homebuyer or a seasoned property investor, it can be tough to make offer after offer with no success.
However, there are key things you can do to help ensure your time house hunting for homes is well-spent and to increase your chances of getting your offer accepted.
The most effective way to increase the chances of your offer being accepted is to make it in all cash. Cash offers drastically simplify the homebuying transaction, making things easier for both parties involved.
A contingency is an action needing to be completed before the contract becomes valid and the sale of a property becomes final. There are numerous contingencies found in a real estate contract; however, the most standard are for inspections, appraisals and financing.
If you intend to use a mortgage loan to purchase a home, a financing contingency protects you in case you aren’t able to secure the loan in time. In other words, you’ll be off the hook for a home you can’t pay for.
In some special situations, a buyer may decide to waive the financing contingency, to signal to the seller there won’t be any delays regarding paying for the property.
Letting a seller know you’re willing to drop this contingency can make your offer more appealing than competing offers, increasing the chances of your proposal being approved.
Sometimes to win a bidding war, you need to get on the good side of the seller. Take the time to write them a personalized letter explaining what you love about their home and why it’s perfect for your household.
Avoid disclosing significant changes you’ll make, as this may signal to them that you don’t appreciate all their home has to offer and may undermine some of their emotional connection to the property.
Working closely with your real estate agent, you can implement these techniques and increase the chances of winning a bidding war.
“Whether moving across town or around the world.. My Global Partners and I will handle all the details”
Marsha Collins-Mroz, Broker, "Global Partners in Real Estate"
Marsha brings her combined 46 years of successful real estate brokerage experience and expertise to every transaction. Recognizing the overwhelming demand for personalized and objective consulting services and assistance, Marsha expanded her business model to a national and international scale. She consults and oversees the acquisition and disposition of primary residences, vacation/second homes, and commercial real estate. And presents on U.S. opportunities in Europe, Asia, and the United States. Her personally vetted network of Global Partners are uniquely skilled and positioned to assist with the needs of her clients; focusing on advancing their knowledge of local markets and opportunities, empowering them to make informed decisions.
