How to Win in Bidding Wars for Real Estate

Hesitant to offer on a competitive property?

Don’t want to get into a bidding war?

Navigating a multiple offer situation on a house can be challenging, and it all depends on your perspective and mindset.

Here’s what we have to say about bidding wars:

→Why not try?

You’ve got nothing to lose by offering, it doesn’t cost you a dime! So put in an offer and see what happens!

Here are our top 7 tips for winning in a multiple offer situation:

Make your best offer:

In a multiple offer situation, the seller is looking for their most favorable terms. Many times, that means the highest price and quickest close. Cash offers are typically some of the strongest - but not always! We’ve seen so-called “cash offers” go sideways more than once, often because sellers don’t ask the right questions about WHERE that cash is coming from. Unless it’s sitting in the bank, it’s NOT a cash offer.

Our advice: make sure your offer is as strong as possible by offering YOUR best price, showing you’re serious with a substantial earnest money deposit, and being flexible on closing date and other terms.

Get pre-approved:

In a sellers market, being pre-approved for a mortgage is a must. Submitting your pre-approval with the offer shows the seller that you are serious, well-prepared, and have the financial means to close the deal.

Write a personal letter:

Consider writing a personal letter to the seller expressing why you love the home and how it would be perfect for your life situation. A heartfelt letter can help you stand out in a sea of offers.

Be flexible:

Being flexible on closing date, contingencies, and other terms can make your offer more attractive to the seller. Be open to some negotiation to make your offer more appealing.

Work with an experienced agent:

An experienced real estate agent can provide valuable insight and strategy when navigating a multiple offer situation. Experienced agents like us can help you craft a strong offer and negotiate on your behalf to increase your chances of success. We get to know the seller’s agents, ask lots of questions, and always come up with creative options for a winning offer that doesn't cost you more money.

Make a strong first impression:

In a competitive market, it's important to put your best foot forward. Consider dressing professionally when viewing the home, make sure you are considerate of the sellers’ space, note that many homes now have audio and video surveillance, so be on your best behavior!

Be prepared to walk away:

As much as you may love the house, it's important to be prepared to walk away if the bidding war goes beyond what you're comfortable paying. Don't get caught up in the competition and overextend yourself financially.

Remember, in a multiple offer situation, the seller has the upper hand. However, with the expertise of an experienced agent, the right preparation and strategy, you can increase your chances of success.

Winning in a multiple offer situation is not always about offering the highest price. It’s about making your offer the most attractive to the seller.

Suzanne and Sarah are experts in these situations and we have a strong track record of writing the winning offer for our clients and coming out on top in bidding wars!

Who do you want on your side when you’re in a bidding war?

Give us a call!