Thursday, February 7, 2013

How to Win a Bidding War

Who would have thought we would be writing or even thinking about bidding wars? But it is defiantly a reality! With low inventory, low interest rates and MANY buyers looking that equation can only equal to bidding wars. 

  •  Know the Market: Search for homes daily online so you know the inventory. Once a home hits the market call your agent and see it as soon as possible. If you like it write up an offer. Being the first offer on the table of many will sometimes make you stand apart from everyone else. 
  • Make an Impression: If you happen to see the owners during the showing go ahead and compliment whatever you like about their home. If the owners aren't home get your agent to make an impression for you to the listing agent. If you submit an offer you can add a personalized note on how much you love the home, etc. It may sound crazy but I have seen this to work! 
  • Be Ahead of the Game: Line up an appraisal even before making an offer. Have the bank try to get an appraiser lined up and on their calendar before an offer is made. That way, the buyer could tell the seller that the appraisal would happen within x days of signing a contract.
  • Be Realistic: Make offers that are comparable, or better, than the rest. If you are writing offers for 300K on a home that is listed at 350K you won't be considered.  
If you are a buyer in Washington and would like us to write up an offer for you we will split our commission with you! Contact us for more info, 425-835-0387. 

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