Coughing up Cash Isn't the Only Way to Win a Bidding War
How can buyers boost their chances in a bidding war? Today we’ll highlight three strategies.
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How can you win a bidding war without coughing up more money?
No one wants to encounter a bidding war in the first place, but because we’re in a seller’s market, these competitive situations are difficult to avoid. As such, today’s buyers must get creative if they hope to win out.
Today we would like to share a few key tips on how to win a bidding war without using your wallet to do so.
1. Find a commonality between you and the seller. A shared hobby or interest could go a long way in establishing an emotional connection. This will be helpful in winning a bidding war because while logic makes people think, emotions make people act.
2. Sweeten the deal. You can do this without spending a penny. Agreeing to a seller’s wants or needs, like closing sooner or letting them keep a certain appliance, will help you stand out as a potential buyer.
3. Waive your contingencies. The due diligence period, financing contingency, and appraisal contingency can all cause the seller quite the headache. Removing the financing and appraisal contingencies doesn’t mean you have to forgo the processes involved in them, however. It just means you can include them in your due diligence period instead. This way, you and the seller both benefit.
Of course, these are just a few of the things you can do to increase your chances as a buyer. You can reach out to us hereto hear more about how we can help you succeed.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.