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How to Avoid a Bidding War When Buying a New Jersey Home

How To Avoid a Bidding War When Buying a Home in New Jersey

bidding war strategies

It’s a hot seller’s market right now. Most sellers get to pick from a stack of buyers - and the one with the most appealing offer and criteria wins. If you’re in the market to buy a home, you need to stay ahead of the competition and make sure your offer is the most eye catching. Gloria Nilson and Co. Real Estate has your back. As your trusted realtor, we will do our best to help your offer get noticed. Below are a few tips to get your offer to the top of the stack:

1-Get Pre-Approved

This is a very important step and some sellers will not even glance at your offer if this has not been done. A letter of pre-approval basically confirms your income and the max amount the bank will lend you to purchase a house. Including this pre-qualification letter lets the seller know that you are serious about purchasing their house and gives them peace of mind during the closing process.

2- Limit Contingencies

If the seller has multiple bids on the table, they will choose the bid that has the fewest demands disclosed. If you are in desperate need of a house or really want a particular home, asking the seller to pay the closing costs or base the offer on whether or not you sell your home, makes your offer less appealing. Limiting these or other demands will give you a much better chance.

3- Flexibility

Sellers sometimes need flexibility with their situation. Even if someone has outbid your offer, simply being flexible in your closing date can go a long way. A seller may need extra time to move out and simply by allowing the option to extend the closing date will make your offer stand out more - even if it isn’t the highest bid. Remember, the highest offer doesn’t always mean the best one. 

4- Make it Personal 

Enclosing a letter to the seller with more detailed and personal information can go a long way. By writing a letter to the seller, your offer is more than just a number on the table. Homeowners put a lot of invested time and energy into their home and some don’t want to sell it to just anybody. Sometimes by adding some personal details about your situation, as well as thanking the seller for their time, means a lot. Your offer then become a “face” with that number, making you more memorable and the seller may feel more sway in your direction. 

Gloria Nilson and Co. Real Estate is determined to help you find the home of your dreams and in this tough buyers market, we strive to give you a leg up on the competition by helping your offer stand out amongst the rest. Our experience and skill has helped hundreds of buyers find the perfect house for their family in a timely manner. We take care of all the stressful paperwork and communicate every detail throughout the whole process. Your positive experience means a lot to us and we will do everything we can to make it a pleasant one for you. Give us a call today!

Published August 3, 2016 in Buying