by Rick Delgado
on Thursday, February 5th, 2015 at 5:09pm.
So you've found the home of your dreams. You put in an offer only to discover that there are other similar offers on the table.
You're in a bidding war.
Here are some tips to minimize stress and maximize your chances of surviving a bidding war.
A bidding war is stressful for everyone, even the seller. Sending the seller a heartfelt letter detailing why their property is perfect for you is a great way to set yourself apart from the other buyers. This might seem like a small thing to do, but it can make a huge difference. When a seller has someone interested in putting their heart into the home, it can help them with their difficult decision.
Close as Quickly as Possible
In a bidding war, time is money. If you're well prepared, you're showing the seller that you’re committed. Have a home inspector lined up and take the appropriate steps to secure your financing. More often then not, a seller will choose the most motivated buyer, even if there are better offers on the table.
Offer Up a Bit More
When working with the seller in a bidding war, they want to see that you’re committed and serious. When it comes to putting your earnest cash down, make them see that you can give them a good amount of money towards the purchase of the home and you’re ready to see it through.
This is a big transaction, one that can affect you the rest of your life and you know it. The best thing to do is calm down and wait it out. The more you worry about these things, the more it is going to eat at you. When you’re calm, it will go much smoother.