With the housing market booming and prices skyrocketing, buying a home can be hard to afford. The good news is that there are many ways we can stand out from the competition and win the bidding war. To help us get started, we've outlined four tips below that will give us an edge over other buyers in this competitive environment.
• Set the Budget
We don't want to go into the bidding process without knowing how much money we have available for this purchase. Once potential buyers know what they can afford, it's important not to overextend ourselves on our bids and other features such as down payment and monthly mortgage payments.
• Make the Offer Stand Out With Flexibility
If possible, offer flexible terms such as allowing the seller to close at their convenience or paying closing costs upfront. It will make our offer more appealing than those with fixed deadlines and additional fees. Avoid making offers with contingencies such as financing or inspections. Some sellers may view these conditions as a red flag and even withdraw their listing.
• Get a Pre-approved Loan Before Making an Offer
A pre-approval letter shows the seller we're serious and gives them a clear sense of how much they can expect to receive for their listing. While it's not required, having an offer with a pre-approval is likely to increase our chance of winning a bidding war.
• Be Available
Another key to keeping competitive in a property sale is to be accessible. Leave the contact information with the seller and ask them to contact the agent if they have any questions regarding our offer.
Your Home Hero is a trusted Maryland real estate agent helping its residents buy and sell homes for over a decade. Whether you're looking to invest in Maryland real estate or find your dream home, we can help. Contact us to get started with the bidding process today and help us win the bidding war for your next house.