Your perfect home might also be someone else’s ideal property. In this situation, two parties might find themselves bidding against one another to achieve the seller’s approval. It’s important that, during this process, you remain calm and focused on both your budget and your future requirements. Winning a bidding war requires an understanding of the negotiation process. And in so in this article, we’ll look at 3 tips for winning a property bidding war.
1. Offer Convenience to the Seller
While, ultimately, money talks, it’s the fine details within a property deal that can make all the difference The home seller is often looking for those small details that can convince them the buyer is committed to the deal. For example, the buyer might be willing to be flexible on the closing date, to suit the seller’s schedule. If the seller has yet to find a new property, the buyer might be willing to rent the home to the seller after the sale for an affordable price.
2. Take the Personal Approach
There is an art to negotiations. For the buyer, this art involves personalizing the deal and ensuring that the seller understands their motivations and what the deal would mean for their family. Buyers might craft a personal letter to the buyer, explaining who they are and highlighting the path that has led them to the property. In speaking directly to sellers it’s important to recognize their history within the property, and to highlight the respect that will be afforded the home in the future.
3. Offer the Cleanest Bid
When involved in a bidding war, it’s important to make the bid is as clear and clean as possible. This means bidders should try to gain pre-approved financing and avoid conditional offers that could make the seller more wary about doing business with them. However, in maintaining the cleanest bid, home buyers should still ensure the purchase is contingent on a thorough home inspection.
By working together with the seller and being responsive to their requirements, buyers can achieve a boost in winning bidding wars. Careful, prudent planning of this process is likely to yield the best results within any potential deal. To learn more, speak with me today.