Today’s real estate market is so crazy, some houses are receiving literally dozens of offers, many thousands of dollars above asking price.
Four quick steps you need to take to be ready for a bidding war:
- Be pre-approved for a mortgage. Sellers may completely ignore offers from sellers who aren’t pre-approved. Ask your lender to get you pre-approved before you make offers so your chance of being accepted is improved.
- Present your best offer. With multiple offers (sometimes dozens) to consider, sellers are going to sort by the highest bids first. Make sure yours is among the top bids so you aren’t rejected outright due to a low offer.
- Get ready to work quickly. The market isn’t waiting for anyone right now. If you spend too much time “thinking about it” you run the risk of missing the chance to bid on a house. Submit your offers as soon as possible, and respond promptly to counteroffers. Be sure your agent is responsive to your needs and to the communications from the sellers.
- Partner with a trusted real estate professional. A real estate agent will work hard to get your offer written, submitted and considered by the seller. Having a trusted, experienced agent who understands how to make offers that sellers will not toss out will give you a better chance to win the bidding war.