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Winning the Bidding War in a Hot Market

  • Writer: Elizabeth Deo
    Elizabeth Deo
  • Sep 1, 2021
  • 2 min read



Ask any experienced homeowner and you'll learn that buying in a 'hot' real estate market can be challenging. A high supply of buyers competing for a low stock of available homes is a combination that can lead to bidding wars, price inflation and other headaches. The good news: with some careful preparation and the right mindset, a bidding war is one that you can win. Read on to learn how you can beat out other bidders by making an irresistible offer.


Start With Strong Representation


Answer this question honestly: are you an experienced negotiator? Unless you have made a career out of buying and selling homes, you may find that your skills are lacking. The middle of a bidding war is a poor time to have this realization, so it's best to start the process with strong professional representation. Invest the time in securing the services of an experienced real estate agent who has a history of successful home purchases and happy clients. For extra assurance, ask them for recent testimonials so you can hear how they helped other buyers.


Get Pre-Approved For Your Mortgage Financing


Now that you have a good real estate agent on your side, you'll want to move to the next step: meeting with a mortgage lender. Your goal is to secure pre-approval for your mortgage financing, which will show the seller that you're both prepared and serious about buying their home. Gather up recent financial information like pay stubs, tax returns and bank statements before meeting with a mortgage professional. Being prepared will make the approval process a bit easier.


Have The Appraisal And Inspection Team Ready


Once you have found your dream home, you will need to move quickly to have it appraised and inspected. As with your other professionals, it's best to pre-book these companies ahead of time so they're ready to go. Ask your friends and family for referrals now so you can chat with potential appraisers and inspectors.


Be Serious About A Quick Closing Process


Finally, if it isn't already obvious to them, make it clear to the seller that you're interested in closing quickly. Every home seller is interested in a fast, efficient close so they can move on. Pushing the pace a bit will demonstrate that you're not going to reverse course.


 
 
 

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ELIZABETH DEO

(424) 249-9750

Elizabeth@LegacyLocale.com

Legacy Locale

Agent | DRE# 021416449378

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

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

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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