If you’re one of our home buying clients you already know this ― Blaine homes are selling like crazy, getting multiple offers from the minute they hit the market.
It’s frustrating to find the perfect home for you only to learn that several other homebuyers feel the same way about it. Then, the battle ensues in a heated bidding war. If you aren’t fully prepared for this battle, you’ll lose.
I thought today I’d let you in on a few “secrets” to winning the war.
Prepare for Victory
“Victorious warriors win first and then go to war, while defeated warriors go to war first and then seek to win,” or so says Sun Tzu in “The Art of War.”
Preparation is the key to winning a bidding war. This means going in fully armed and ready to do battle. The lender’s pre-approval letter is your basic weapon and it’s a must when you’re going up against other bidders for the same piece of real estate.
Of course cash is typically king in multiple offer situations, but that pre-approval letter is the next best thing.
Quickness is the Essence
Sun Tzu also claimed that “Quickenss is the essence of the war,” and we agree. Keep an eye out for new listings that fit your needs and be ready to jump into action the minute one comes on the market. The idea is to be the first one in the door, submitting the first offer that hits the seller’s dining room table.
We’ve noticed that the first offer, as long as it isn’t filled with contingencies or attempts to lowball the seller, is the winning offer.
Don’t Nit Pick
Put yourself in the homeowner’s shoes for a minute. Imagine owning a home that three or four people want to buy. The offers are spread in front of you and you need to choose one. Which will it be?
First, you’ll look at how much each buyer is offering and most likely eliminate the lower offers. Then, you’ll look at the buyers themselves ― who is ready to close the quickest? If you have a home to sell before you purchase this one you’ll most likely lose. If you aren’t pre-approved for a loan, your offer will be discarded. If you load up your offer with contingencies you can probably kiss the house goodbye.
This is not the time to nit-pick over minor issues or to load the contract up with contingencies. It’s the full-price, contingency-free (or the one with the fewest contingencies) offer that will catch the seller’s eye.
Sign up for email alerts so you don’t miss any new homes that hit the market and be prepared and ready to act fast. You can win a bidding war!