Sign In
Create an account and enjoy all the benefits of HAR.com!
Sign In
Sign in using social account
Bidding wars, particularly during a Seller’s Market when there are more buyers than sellers, are part of the home buying process. While it can feel discouraging to know other home buyers are submitting bids on the home you have your heart set on, with the help of your agent hope is not lost until a bid is accepted. This is a key time to be in good communication with your agent, to know your budget numbers, and to have a plan. I promise, a good real estate agent will have a plan and has experience negotiating bidding wars.
When a home seller receives multiple offers on the home they’re selling, it’s important for buyers to make their offer stand out.
It’s a fact that buyers who come with a pre-approval letter are serious buyers. Sellers like serious buyers because it eliminates wondering if the funds will come through and deal will close. Do yourself a favor and go ahead with getting a pre-approval letter. Having this letter in hand also aids you in knowing your budget limit.
Once you’ve decided this is the home for you and you’re ready for your agent to write an offer, make this offer amount your best and highest offer. Your agent will talk with you about all the things you need to consider while keeping your budget in mind. There are times your agent will know others are looking at a home and their experience tells them this property may receive multiple offers. Listen to your agent’s suggestions based on the current market values and make your offer as strong as you’re able to do.
It’s natural for the seller to want the next owners to care for their home in the ways they have. Memories were made here and selling a home can feel bittersweet. When a buyer writes a personal note to the seller explaining what they adore about the home and how they see their family thriving here, it can help a seller feel at peace with accepting the offer from someone who will love the home as much as they have. This letter will accompany the offer when the offer is presented. It’s a great way to introduce yourself and your family plus to be memorable compared to other offers.
Buyers willing to pay in cash will be leaps and bounds ahead of those applying for a mortgage. This dramatically quickens the closing time because this eliminates any mortgage related paperwork or the underwriting process. Sellers wanting to close as soon as possible, welcome cash offers.
Offers without contingencies that need to be completed before the sale can be completed will move to the top of the pile. These types of offers require less from the seller and move the sale along at a faster pace. Before making this decision discuss the pros and cons of eliminating the contingencies with your REALTOR®.
Your agent will request your contact information at the beginning of the process and ask the best ways to reach you. It’s key to stay ahead of the competition by being available to your agent should there be any questions about your offer. Or, if your agent asks your interest in making a back-up offer.
What is a back-up offer? Basically, this is an offer that follows behind another offer that’s been made and accepted as the first buyer. Should something fall through with the first buyer’s offer such as their financing or a contingency not being met, the seller may invoke a kick-out clause and have the opportunity to accept the second back-up offer.
It can be a competitive market and being open to a back-up offer should this opportunity present itself, can be a game-changer to getting your dream home.
If you’re in the market for a home, I encourage you to reach out. Don’t be discouraged about the possibility of getting in a bidding war. I’ve got you. I’ve been through these situations many times over the numerous years of serving buyers around the Houston region. It’s my pleasure to serve you and work with you to find a home you love. Schedule an appointment today.
Since 2004 Sara Lyn Nguyen continues to bring a wealth of knowledge and expertise about buying and selling real estate around the Houston area to those she serves. Sara is a multi-year award winning REALTOR® and relocation specialist where her clients trust her to have up-to-date information on the real estate market. She has been one of Gary Greene’s Multi-Million Dollar Top Producers, and citywide was the #2 Top Producing agent in 2020, #3 in 2021, and #2 in 2022. When it’s time to buy, sell, invest, or relocate speak with a trusted professional knowledgeable in the homes and neighborhoods of Fort Bend/Sugar Land and the surrounding region.
Erase note
You currently have no custom folders