Who Wins the Bidding War? The Answer May

Surprise You

The last couple of years have seen aggressive bidding wars with home buyers in Dallas. Bidding wars can be nerve racking and in many cases the highest offer doesn’t always win. When a seller looks at an offer there are more things involved than just the price. The Seller wants the most they can get for their house and they also want to know the Buyer can close. So how do you compete?

Down Payment

If there are competing offers with the same price, a higher down payment might make one buyer look more likely to close than the other. A higher down payment might also tell the seller that you have the cash to make up the difference and be more likely to close.

Earnest Money

A larger earnest money deposit might indicate to a seller that you are more serious about the property. If you have contingencies terminate the contract using one of them, your earnest money will be refunded.

Contingencies

Remove any contingencies you can.

contingency. If you need to inspect the property, do it quickly and give the seller a higher option fee for the right to terminate. Now is not the time to place other contingencies on the seller or ask for things like the refrigerator unless it is already offered with the property.

Consider The Seller

Find out what the seller’s goals are before writing the offer. How quickly do they need to move? Consider leasing back so they location and times and anything else that might be important to the seller.

Personality Counts

Many times when offers are similar all it takes is a heart felt letter from the buyer to warm a seller’s heart. A seller who has loved their home often wants to picture the new owner loving it the way they did. Let the seller know how much you appreciate how well they have taken care of the home.

There are a number of ways you can make your offer stand out from the rest... Even if it isn’t the highest price. Call or email me for more advice about how to win the bidding war.