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What are the best tactics for coming out on top in a bidding war?

Asked by Trulia Cape Coral, Cape Coral, FL Thu May 9, 2013

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11
Be the highest bidder! No seriously, we are seeing a lot of that right now, especially on distressed property. They are purposely listing them low to create a multiple offer situation. You really need to decide your comfort level in this situation. It is not for the faint of heart. Be prepared to offer at list price or higher if your agent recommends it. Of course, there should be comps to back up the price you are willing to pay. Also, the less contingencies the better. The only contingency I would always recommend is a home inspection. Quick close, cash deals always get priority. If you need more info, feel free to call or email me directly. I have worked with a lot of buyers in this situation and have won many of them. Good luck.

Margie Birch
239-691-1303
mbirch1@comcast.net
1 vote Thank Flag Link Thu May 9, 2013
I have some great tips for coming out on top in a bidding war but would prefer not to share that knowledge in a public forum. Feel free to hit the contact link and contact me directly to discuss this topic.
0 votes Thank Flag Link Fri May 10, 2013
All are very good answers. Remember, a "good" deal IS NOT necessarily purchasing a home for a percentage less than the list price. Homes can, and are, priced with different levels of aggressiveness. VERY motivated sellers (foreclosures typically fall into this category), are usually priced aggressive at or below "market value", for a quick sale. Other sellers with less motivation may price their home above current market value. Knowing this, ALWAYS making an offer that is a percentage less than the list price will result in missing out on some really good deals and getting an accepted offer on an over-priced listing. Many times the best deals for the buyer are ones that sell over list price. Base your offer on the VALUE of the home, not just the asking price.

David Lang
Keller Williams Realty
239-677-8780

http://www.SWFloridaHomeSearch.com
0 votes Thank Flag Link Fri May 10, 2013
Limit the inspection period to a short time frame, instead of 15 days, try 7 or 10 days.
If paying cash, offer to close in 2 weeks.
Try to have the closing date within the first 3 weeks of a month, rather than the last week of the month.
Provide proof of funds if paying cash or a pre-approval letter (not pre-qualification letter) if obtaining a mortgage.
Write an As-Is contract.
Put down a higher earnest money deposit.

Tammy Hayes, Realtor
RE/MAX Palm Realty
tammyhayesre@gmail.com
http://www.tammyhayes.remax-florida.com/
941-276-6185
0 votes Thank Flag Link Fri May 10, 2013
Limit the inspection period to a short time frame, instead of 15 days, try 7 or 10 days.
If paying cash, offer to close in 2 weeks.
Try to have the closing date within the first 3 weeks of a month, rather than the last week of the month.
Provide proof of funds if paying cash or a pre-approval letter (not pre-qualification letter) if obtaining a mortgage.
Write an As-Is contract.

Tammy Hayes, Realtor
RE/MAX Palm Realty
tammyhayesre@gmail.com
http://www.tammyhayes.remax-florida.com/
941-276-6185
0 votes Thank Flag Link Fri May 10, 2013
A cash buyer is better than a buyer getting a mortgage. A quick closing is usually a plus. I would not mess with the inspection contingency it is there for a reason. Bid what the property is worth keeping in mind it is a seller's market as inventory is going down and prices are trending up. Why are yo asking? Are you ready to buy? You can contact me via my website below as well as search MLS.
Thanks
Web Reference: http://www.joesansone.com
0 votes Thank Flag Link Fri May 10, 2013
A. Find a better home in a location where others are not looking, maybe just a few blocks away...no need to go in war.
B. Make an As-Is offer.
C. Go in with Cash, at or above asking price. (or offer a strong financing letter, put down as much as possible, best is 25% or more out of pocket)
D. Waive the appraisal.
E. Offer to close in 14-21 days.
0 votes Thank Flag Link Fri May 10, 2013
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get pre-approved with a letter

deposit 5% in an escrow account at a title company and get and escrow letter

don't make absurd 2010 offers.

===
0 votes Thank Flag Link Fri May 10, 2013
The way I have won the last 2 deals is recommending to my clients to waive the appraisal contingency because we are getting beat by cash. If you have a good Realtor that knows the market, then you don't need an appraisal to protect you.
0 votes Thank Flag Link Thu May 9, 2013
The best tactic is to have a fast closing date, and very few contingencies in the contract. Sellers do not like drama. There number one priority is a quick painless closing. A good buyer's agent negotiating on your behalf is very important as well. The reason why is the seller will often lean on the listing agent's advice. If the buyer's agent is doing their job correctly then they will be able to convince the listing agent to go with their client's offer. If the buyer's agent is well known in the realtor community that will help as well. Please give me a call or email me and we can discuss your real estate needs.

Israel Emory
MarketWatchRealEstate.com
IsraelEmory@gmail.com
239-292-2499
0 votes Thank Flag Link Thu May 9, 2013
Do not engage in a bidding war. That is the best solution.
0 votes Thank Flag Link Thu May 9, 2013
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