The Bidding War

biddingwar

Just in case purchasing a house was not enough anxiety for you, let us create a little bit more, by adding another person wanting to buy the house. So now we have entered into a bid war. One dollar more or less, one change suggestion more or less, and the house is not yours. No stress though, this is not the only house for you no matter how much you love it.

Helpful tips:

Do your homework and research. Make sure this house is definitely the one you want. Look at the community, schools, grocery stores, salons, activities, etc. that you know you use now and make sure the area around the home fits your lifestyle.

Make sure your finances are in order. If they are not and the other bidder has their finances ready to go, pre-approval with money to put down they are more likely to win the bid.

Create an escalation clause. This puts a limit on how much yo are willing to pay on the house and protect you from the sellers expecting you to pay exceedingly higher than the other bidders.

Show the sellers your appreciation. Write a letter, send a picture with your family all excited in front of the home, or video your kids walking through it for the first time dreaming about their bedrooms. This will help the sellers know you will take responsibility for the home, care for it, and take care of it, they will see you in the home and be more likely to pick your bid.

No matter if you win or lose the bid, there is a reason. I hope these small tips help out and help you win your Bidding War and be able to move into your new home!

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Filed under Buyers and 1st Time Buyers, The Move

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