You may think offering the highest price is the key to winning a bidding war on a house. But even though it is one of the tips, you may be surprised to learn that there are many other ways to improve your chances of a successful house purchase. Specific tactics and tips to win a bidding war on a house can improve your odds even when you thought you had none. Buyers look for things beyond money, such as the security of a successful sale. Let’s see what the best tips are that will help you get the keys to your new home as soon as possible.
Tips to win a bidding war on a house: make the seller’s life easier
Sellers will not want to work with difficult buyers. Being friendly and transparent will make the seller see you as reliable. That’s sometimes worth even more than the larger offer from another unreliable buyer. Put yourself in the seller’s shoes. What can make selling a house easier for you, and what would make you want to sell your house to someone? If you are unable to pay in cash, getting pre-approval for a mortgage will significantly help you.
Another tip is that you can offer to pay the entirety of the closing costs from the sale of the home. If the buyer is still in the market for a new house, you can work together to organize a timeline that will work for both parties. So, your patience may pay off if you are not in a rush to relocate. The seller will appreciate working with a buyer interested in making both sides happy.
Offer more money
A bidding war on a house between two equally enthusiastic bidders can be brutal. Offering more money than other bidders can improve your chances of purchasing your new home. A higher price will make the seller consider selling the house to you. If you are really passionate about purchasing this particular house, then an escalation clause is your ally. This way, you will automatically bid more than any potential buyer whenever someone tries to outbid you. Another smart way to increase your chances is to offer a larger deposit. This will impress the seller and give them a feeling of security.
Third tip: pay with cash
There are a couple of fool-proof ways to win a bidding war on a house, and paying with cash is one of them. Any real estate agent will tell you; this single advantage will give you a much higher chance of a successful purchase of your new home. There are many advantages to paying for a house in cash. Most importantly, it’s a hassle-free experience for everyone involved. This makes the process of buying and selling a house that much easier. There are not as many risks for the buyer when they sell their house to someone paying with cash.
Write a letter to the seller
Last but not least, writing a letter to the person selling the house is one of the tips to win a bidding war on a house that can significantly improve your chances. After all, the decision of who to sell the home to is the seller’s only. So, getting their sympathy and being on their good side could help you. Plus, being on good terms with the owners of the house can only improve your chances, not hurt them. Therefore, this is a risk that’s definitely worth taking.
So, how do you write a letter to the seller? First of all, try to find out more about them and why they are selling their house. This will give you an idea of what would impress them in your letter. Write to the seller about all the reasons you should be chosen as the buyer. For example, if you have children, tell them you want this house to be where they grow up. Or you can mention the parts of the home’s architecture you intend to keep. As most buyers want to renovate their homes, this may give you an advantage if the seller is fond of the house’s original architecture.
You’ve won the bidding war – now what?
Using these useful tactics, the keys to your new house will be just a couple of signatures away. Now that the hard part is over, it’s time to move into your new home. Before you start packing for the move, create a list of everything you need to do before you relocate to your new home. Staying organized like this is one of the best ways to make this process go smoothly. Relocating is one of the most stressful situations a person can face, so staying on track with your responsibilities can give you the confidence to go through it. Even though the bidding war on a house is stressful, you will probably feel on edge until you ultimately settle into your new house.
Before you move, declutter your current home. Spending some time on this will help you save money on your relocation, as there will be fewer things to pack and move. And you may even make some money in return, as you’ll be able to sell and recycle the things you no longer need. You also won’t bring dust into the new house you bought. Packing will be easier, as you can sort all your belongings. Use this opportunity to create an inventory list and make unpacking even more effortless. Work with professional movers so you can move into your new house as quickly as possible. Professional movers will provide you with any help you might need during relocation. Now, moving won’t seem as stressful, and you can focus solely on organizing furniture and décor in your new home.