When the real estate market is hot, an attractive house is a coveted commodity. How can you win the bid on a property with multiple offers?
If you have found a dream house, here are seven tips that can help your offer win the bidding war.
1. Play to win, not to lose
A big reason behind the insane soaring of housing prices is that sellers are playing the numbers game. The lower their listing prices are, the more offers they attract — with likely higher asking prices. At the end of the day, bidding wars usually raise the deal prices much more than their true market value.
As an agent, you should know a good enough ballpark based on market statistics. If you see that the over-asking price is exceeding your client’s budget, it’s best to pull your offer. Otherwise, you’ll be just increasing the competitive drive. Let the market balance itself out.
2. Do your due diligence
Get complete information on the sellers. Consider asking these questions:
Who are they?
Where do they work?
Why are they selling?
Where are they going?