Reality of Realty: 5 Ways to Win a Bidding War (When Buying a Home)

By: Valerie Davenport

[TRANSCRIPT]

Welcome, future homeowners, to another episode of Reality of Realty! I am your trusted real estate agent Valerie and today I’m going to offer some tips to help you navigate through the frenzy of bidding wars when buying a home and hopefully come out victorious.

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And, if you’re considering a move across the nation or across the street, email me using the contact info below, to tap into my resources for your moving needs.  Now, let’s get into the video!

[INTRO MUSIC]

In today's competitive market, bidding wars are becoming more and more common, making it tough for homebuyers to snag their dream home. But fear not! With the right strategies and tactics, you can increase your chances of winning that bidding war. Assuming you've already taken the crucial step of getting pre-approved and enlisted the help of a real estate agent, let's dive into some tips to help you emerge victorious.

Firstly, act fast! Time is of the essence in a competitive market. Don't hesitate when you find a property you love. Delaying your offer could mean losing out to another motivated buyer.

Next, make a strong offer. Sometimes, you'll need to bid above the asking price to stand out. Consider searching for homes below your budget so you can bid at or above the selling price. But remember, know your limits and stick to your budget. 

Also, try to meet the seller's needs. Find out what they want and try to accommodate them. Whether it's a quick closing or waiving certain contingencies, being flexible can give you a competitive edge.

Show proof of funds! This demonstrates to the seller that you have the financial means to follow through with the purchase. Put some money in escrow to show you're serious.

And finally, stay positive! Bidding wars can be stressful, but remember, there are plenty of homes out there. The right one is waiting for you."

So, there you have it, folks! Winning a bidding war takes preparation, strategy, and perseverance. By following these tips and working closely with your real estate agent, you can increase your chances of securing the home of your dreams. 

And if you found any value from this video, please like, share and subscribe to my modest, little channel; it is free for you and means so much to me. Please also feel free to leave your comments and feedback and I’ll reply at my earliest opportunity. Happy house-hunting!