There are four tips you need to follow to make a winning bid in a seller’s market.
If you want to make sure you make a winning bid for the home you want in our seller’s market, here are the four tips you need to follow.
First, put down a large earnest money deposit. This deposit is money that will actually be yours once the property closes. Many sellers will look at your ability to put down a large deposit as a security blanket, and it will give them confidence in moving forward with your offer.
Second, show sellers that you’re qualified. Make sure you’re pre-approved before you make an offer. That way, your agent can represent your offer as if it was a cash offer. If you are making an all-cash offer, make sure you have proof of funds. We want to be able to show how strong your offer is when we present it to the seller.
Next, give sellers time to move. Or, give them their closing date if it fits your schedule. Sometimes sellers feel pressured, and an offer that gives them time to move can be just what you need to give yourself an edge over the competition.
Lastly, write your best offer (i.e., your highest and best offer). If you make an offer that’s $3,000 or $5,000 below your ceiling and the buyer selects another bid, how would you feel about that? Would you go back and add that amount to your offer so you get the house you want? If so, state that in your contract.
If you have any more questions about purchasing a property in a seller’s market or you have any other real estate needs, don’t hesitate to reach out to me. I’d love to help you.