How to Win a Bidding War

If you want your offer to be seen by sellers for the property of your dreams, here are a few simple steps you can take to win a bidding wa

As you know, the market in Charlotte is a seller’s market. Many homes in the $400,000 or less range are turning into bidding wars, and these situations can have nine or more offers on one property. In this highly competitive market, how can you make your offer stand out from the rest?

If you want your offer to be seen by sellers for the property of your dreams, here are a few simple steps you can take.

Having a competitive price is key. Your agent should share what other homes have gone for when there have been multiple offers. This information will help you decide on an offer that will stand out from the pack.
Don’t expect sellers to cover closing costs. In a multiple offer situation, sellers rarely accept offers that ask for them to cover closing costs. To gain that edge over your competition, ensure that your bid covers those costs.
Think about the time frame. Sellers generally expect a 30-to 45-day window of time between the moment your contract is signed and the day you close. Your offer will stand out if you can stay as close to that timeframe as possible.
Make sure you’re pre-approved by lenders, not just pre-qualified. Sellers are looking for pre-approvals in a multiple offer situation. This means that you’ve gone through the underwriting process, turned in your paperwork, and are just waiting for an acceptance on a house. The extra legwork will put your offer ahead of anyone who hasn’t been pre-approved. For an added edge, try and get approval from a respected local lender.
Listen to your agent. We are professionals with a lot of experience with these types of situations. We’ll give you a list of suggestions that will ensure that you’ll be noticed by sellers and put your offer above the rest. Let us provide you with sophisticated strategies that will help you get the home of your dreams.