Have you been in the market for a house a while, but your offers haven’t been accepted? Or did you find your dream house and want to make sure you win the bidding war? Making your bid stand out from your competitors can be a tricky thing. Here are three helpful tips to increase your chances of making the winning bid.
- Escalate your offer. If you’ve found a house you love, put in your best offer right away – with an escalating offer. This type of offer features a clause that says you’re willing to increase your offer by X amount over any bid, up to a certain amount. The seller will know you are committed and willing to pay for the house.
- Write a letter to the seller. Have a compelling love story about the house – or personal story that will endear the seller to you? Writing a letter to the seller explaining why you want the house is a great way to connect with the sellers and convince them you are the right future owner of the home. A personal handwritten note can make you stand out from other bidders who didn’t put in the time or effort to explain how owning the house would mean the world to them.
- Get a quick inspection. Getting an inspection before placing your bid is a responsible way to make an offer that’s not contingent on the results of an inspection. You’ll know before your bid is placed if you’re all-in on the property. (Be sure to get OK from the sellers, first. It’s still their property, after all.) Keep in mind: it can be a risky move. If you don’t get the winning bid, you’ll have wasted money on an inspection for a house you’re not buying. Another option is to do an “as is” inspection, which means you, as the buyer, will find out about conditions of the property and won’t make the seller pay for needed repairs. When you get the results, you can decide to take the home “as is” or walk.
Did you just win the bid war and don’t know what to do next? Contact Union Home Mortgage today, to help you move forward in the homeownership process.