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How to Win a Bidding War

How to Win a Bidding War

How to Win a Bidding War

With going through the hassle of finding your dream house, now you have to be prepared to fight to make it your own.

According to Jason Walowitz, in May, 56% of the homes that closed around the country were the subject of bidding wars.

Respectively, prices for vacant/available homes are skyrocketing, with the average price on existing homes reaching $232,500 in April, up 6.3% compared with April 2015.

For homes that hit the market in good condition/shape and at an affordable/reasonable price are taken up fast. And then comes the hassle of getting homeowners insurance.

Here are some ways through which you can win your dream house:

1. If you can afford to pay for it, pay in cash.

Sellers typically prefer dealing with a buyer who can pay cash, and they don’t have to worry about a potential buyer actually receiving the financing he or she needs.

2. If you need financing, get pre-approved.

You’ll need to provide documentation so the bank or mortgage company can verify your income, assets and credit report. But once that’s done, you’ll have a letter to show sellers that says exactly how much you’re qualified to borrow.

3. Understand the market

Before you hit the street, go online and scour the real estate listings so you know exactly what houses are available and how much sellers are asking. This isn’t the time to dawdle. If you understand the market, you’ll be ready to make a move when a home goes up for sale.

4. Make it personal

Sometimes you can win over sellers by tugging at their emotions. Write them a personal letter about why you want their home, and include a photo of yourself, your family members, even your pets. Give it a warm personal touch to get to know them better.

5. Be flexible

This means you need to take in market dynamics into consideration. You need to be flexible in terms of choosing a home which means if it’s not exactly what you thought it would be then you need to look into other options.

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