Home Buying in Raleigh>Question Details

Trulia Ralei…, Other/Just Looking in Raleigh, NC

What is the best way to win a bidding war?

Asked by Trulia Raleigh, Raleigh, NC Wed Apr 24, 2013

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16
Bid Higher than everyone else.
1 vote Thank Flag Link Wed Apr 24, 2013
I have practiced real-estate in souther California during the height of the real estate market where many of my listings received multiple offers within hours of going live-
The way these offers would remain competitve would be with the escalation clause. With all other things (financing, closing date, personal property etc) being equal - this clause will help your offer stand out amongst the others.
In the state of North Carolina you will need to consult with a Real Esate Attorney to draft this clause since agents cannot draft these.
0 votes Thank Flag Link Tue Jun 11, 2013
Be the strongest offer...
0 votes Thank Flag Link Thu Apr 25, 2013
The highest number doesn't always win the contest but it certainly does help. Consider the following as well:

1. CASH purchase

2. quick closing date

3. minimal to no contingencies

4. inspection but no repairs

Basically anything that will appeal to the buyer without compromising your needs could help. "Just don't give away the farm."

Respectfully,

Bill
0 votes Thank Flag Link Thu Apr 25, 2013
Of course, the best way is to have the lowest offer and still win, but Brandon Williamson said it quite succinctly. You want to win the auction, you make the highest bid. You don't want to make the highest bid, then don't give notice to your landlord just yet.
0 votes Thank Flag Link Thu Apr 25, 2013
An escalation clause. Your agent should write in language stating that you will be any bonafide offer as evidenced by the first page of an Offer to Purchase and Contract signed by a buyer by $500 or $1000 up to a maximum price of $XXX.

You might also consider a more substantial diligence fee, a shorter diligence period, and/or a shorter time to closing. You'll absolutely want a strong pre-approval (not pre-qual) letter to go along with your offer.
0 votes Thank Flag Link Wed Apr 24, 2013
Cash is King. Outside that DD and EM money and lots of it with no concessions. But if you must pay more for a home than it is worth let me know because I want to see it!
0 votes Thank Flag Link Wed Apr 24, 2013
Cash offer! :)
And if you can't do that, then shorten closing and due diligence time, and give higher deposits!
But this is in general, if you have experiences Realtor on your side, there are many other details to count for and you need to know all the small nuances to be the chosen offer, so get help fast!
Irina Bennett
Realtor/Broker at REMAX One Realty
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Let's talk about Land-Investment-Commercial-New and Green Homes-Real Estate Foreclosures and Shortsales
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0 votes Thank Flag Link Wed Apr 24, 2013
Make the offer as strong as you feel you can afford and also be financially qualified. It's always good to be able to show you are PRE-APPROVED for a loan vs. just pre-qualified. The key is to not get so wrapped up in a bidding war that you end up spending more than you really want and become house poor financially. As Kenny Rogers put it, you need to know when to fold them! It's also a good idea to not place any continencies in the offer other than your due diligence period and try to make that period of time as short as possible. A good Realtor acting as your buyers agent can help you with determining how high is too high to bid, plus advise you on time for the due diligence period.
0 votes Thank Flag Link Wed Apr 24, 2013
Response: The market is hot. We are getting multiple offers on properties. Finding another house, may well put one in the same situation. The best advise is to look strong, and get the inside track. The relationship your buyer's agent has with other agents int he market can mean YOU WIN. If the listing agent knows that your agent knows his stuff, and it not going to waste his, and his seller's time (with a back out), the your offer may get accepted even over a higher offer. Price is not the only consideration. You need an agent who knows how to get this done. Joel@JimAllen.com
0 votes Thank Flag Link Wed Apr 24, 2013
Know your limits. Set a final dollar amount and stick to it. Also determine if the property will be worth the slaes price in the forseeable future.
0 votes Thank Flag Link Wed Apr 24, 2013
Find an other house. We have a good market here in Raleigh. But no house is worth bidding over.

However, if you must have that house, put in Your best offer with good down payment, and strong qualification letter.

20 years in this market, so we have seen the ups downs and ups a few times.

Good luck
0 votes Thank Flag Link Wed Apr 24, 2013
The highest offer usually wins...
0 votes Thank Flag Link Wed Apr 24, 2013
Higher and agent who knows how to deal with listing agents, and who will work late to get you offer in BEFORE the other offer is even submintted. Joel@JImAllen.com
0 votes Thank Flag Link Wed Apr 24, 2013
Hire an ...your...
Flag Wed Apr 24, 2013
If you're buying a home for yourself. Put your best offer in. Don't overpay just because. If you offer as much as you're comfortable with, and lose, then you can at least sleep well knowing you didn't grossly overpay.


Paul Cionczyk| Coldwell Banker Residential Brokerage |Broker
312-433-9931 | PaulCionczyk.Broker@gmail.com |PaulCionczyk.com
0 votes Thank Flag Link Wed Apr 24, 2013
If you're buying a home for yourself. Put your best offer in. Don't overpay just because. If you offer as much as you're comfortable with, and lose, then you can at least sleep well knowing you didn't grossly overpay.


Paul Cionczyk| Coldwell Banker Residential Brokerage |Broker
312-433-9931 | PaulCionczyk.Broker@gmail.com |PaulCionczyk.com
0 votes Thank Flag Link Wed Apr 24, 2013
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