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Stuck in a Bidding War? 3 Ways to Win Without Going Over Budget

Writer's picture: Elizabeth DeoElizabeth Deo

Are you making an offer on a new home in Los Angeles's hot housing market? If so, one possibility is that you are going to end up bidding against other buyers who are looking to buy the same home. Unfortunately, in some cases bidding wars are inevitable, and they can be a significant source of stress. Let's take a look at three ways that you can win a bidding war without having to spend more than you can afford.


Price Is Important, But It's Not Everything


The first consideration to keep in mind is that price is important, but it isn't the sole consideration that sellers make when deciding which offer to choose. In fact, for many home sellers, the price is secondary to a variety of other factors.


For example, consider whether or not the sellers need to close quickly. Perhaps they are moving to a new city, or have already bought a new house and are looking to get out of their old one. If you have your mortgage financing pre-approved and your paperwork in order, you can promise a shorter close than other buyers may be able to provide.


Your Agent Should Have A Conversation With The Listing Agent


It's worth investing the time in a sit-down chat with the seller's real estate agent to find out what their motivations are. Are they selling for the money, are they moving, are they under pressure or just getting rid of the house to make an upgrade? All are factors that you can use to your advantage in a bidding war.


Another great tip: be sure to find out where the sellers plan to live once they sell their home. If they want to stay in the house, you may be able to buy it and lease it back to them. That's a difficult offer to refuse.


Be Flexible, But Be Firm


Finally, keep in mind that you will need to be flexible to win a bidding war, but you should remain firm. Don't bend your offer or terms too much. If you table a great offer and still lose the bidding war, that's life. You can move on and find another great home to live in. What is most important is staying within your budget.


If you are in a hot real estate market, it's a good idea to mentally prepare for a bidding war when you submit an offer on a new home but having experts like the agents at Legacy Locale on your side can make all the difference.


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ELIZABETH DEO

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(424) 249-9750

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Elizabeth@LegacyLocale.com

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Legacy Locale

Agent | DRE# 021416449378

9531 Santa Monica Blvd #103, Beverly Hills, CA 90210

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©2021 Elizabeth Deo - Legacy Locale Real Estate. All rights reserved.

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Information deemed reliable but not guaranteed. Broker and Broker's agent(s) do not represent or guarantee the accuracy of the square footage, bedroom/bathroom count, lot size or lot dimensions, permitted or un-permitted spaces, or other information concerning the conditions or features of the property. Buyer is advised to independently verify the accuracy of all information through personal inspection and with appropriate licensed professionals, to satisfy themselves and rely only on same. Elizabeth Deo is a real estate agent affiliated with Legacy Locale. Legacy Locale is a licensed real estate broker licensed by the state of California and abides by equal housing opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit properties already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage. DRE 02141644

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