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One of the realities of the real estate market is that the best houses tend to get multiple offers. This is great news for the seller, since it means that more money will end up in their pocket. On the other hand, prospective buyers never like to hear the term “bidding war” once they feel like they have found their dream home. Fortunately, there are several pieces of advice that you can follow to make yourself a more appealing buyer when you are up against others for the same property.
1. Make sure you are preapproved.
Even though buying and selling a home can be a very emotional process, it really all comes down to the money at the end of the day. Get preapproved so that the sellers can see you are ready and willing to move forward with purchasing their house. Receiving preapproval means that a lender has determined what type of monthly mortgage payment you can afford, based on your credit score and income. Hence, preapproval just gets you one step closer to buying a house, and that makes sellers happy.
2. Give your best offer.
If you know that there are already multiple offers on the table, now is not the time to make a lowball offer. If you truly want to purchase the house, you should make your best possible offer. If you end up losing the property at this point, you will at least know that you did everything you could afford.
3. Write a letter.
The process of selling and buying a home can be stressful, formal and full of paperwork. Adding in a little personal touch when you are in a bidding war can make the difference you need in order to get the house. Essentially, you should try writing a love letter to the seller. Explain to them how you felt when you saw the house for the first time, tell them how you envision your future children running down the stairs every morning and let them know what kind of plans you have for the house. Keep it short and sweet. A special note like this can help you win a bidding war over the house of your dreams.