As we begin preparing for warmer weather, spring cleaning, and summer plans, the homebuying market is undoubtedly heating up as well. For the prospective homebuyer, that can only mean one thing: There will be instances where you find yourself competing in a multiple-offer situation to win your dream home.
Don’t stress and don’t panic, we have you covered. As with most things in life, the key to winning when multiple-offers are on the table is keeping a level head and being prepared. Check out the four simple tips below on the art of how to win a bidding war and land the home of your dreams.
- Put Your Best Foot Forward from the Start – And by that, we mean making the best impression possible, in every way possible. You’re going to want every vote of confidence you can muster heading into the offer, and that means being pre-approved. Having all your financing documentation lined up in advance is a strong signal to the seller that the deal won’t fall through.
- Create A Powerful Offer – Sellers are looking to move; they are not looking to spend days or weeks negotiating the nitty-gritty details of the deal, and they definitely don’t want to have to go through the ordeal of putting their house back on the market because a deal fell through. Speak with your loan officer ahead of time to weigh and consider the ramifications of what contingencies you do (and don’t) want to include in your offer.
- Set Your Limits Ahead of Time – It’s easy to get caught up in the heat of the moment and find yourself one-upping the other bidder, but that’s a recipe for a financial headache. Consider an escalation clause in your offer. That way, your offer success plan is on autopilot, and your maximum bid is set in advance.
- You May Have Lost the Battle, But Maybe Not the War – Should the seller choose another offer, but it still feels like “the one,” have your agent keep in touch with the seller. You’d be surprised how often a deal falls through for one reason or another, and your offer is suddenly the best. Great representation is key for this.
The most important aspect of this is partnering with the right person who can help guide you through the process. At Atlantic Coast Mortgage, our team of mortgage professionals combined with our people-first approach translates directly into a simpler, easier, and more stress-free buying process. Reach out today to take the next step towards homeownership.
