HOW TO WIN A BIDDING WAR IN A HOT MARKET
1. Get Your Financial House in Order and Get as Much Cash as You Can Carry
– Get pre-approved and/or bring as much cash to the table as possible.
2. Come in Fast and Strong
– Be the first offer, but don’t be insulting.
3. Escalation Clause
– This is an amount of money the buyer agrees to increase his/her offer, if there are other bids.
– Ask to do a pre-inspection before submitting an offer.
5. Show the Love
– If you love the house, then let the seller know that, either directly or through your real estate agent.
6. Be Smart, Not Sappy
– Don’t overpay because you get all wrapped up in the heat of the competition.