Win the Bidding War

How to win the bidding war on your dream home, part II

The only problem with finding your dream home is that it’s likely someone else’s dream home as well. A recent study released by real estate broker Redfin shows that approximately three out of every five homes fetch multiple offers. Redfin also found that many of those homes were sold at a price tag greater than the initial asking price. Below are a few tips that will afford you the best chance of coming out ahead in your next real estate bidding war.

1. Offer more than the asking price

In cases where the home you covet is extremely popular, you may want to prevent a bidding war by offering a sum slightly higher than the asking price of the home. Don’t get carried away, however. Make sure you feel comfortable with the amount you offer.

2. Personalize the sale

If the home you’re bidding on is truly your dream home, tell the seller why. A well-written note can often times leave a soft spot in the seller’s heart, and cause them to act more on their feelings when accepting an offer.

3. Make a deposit that exceeds the norm

Many real estate offers are accompanied by a refundable deposit, in order to show that the buyer’s bid is legitimate. This is typically 1% of the purchase price. By including a sum of money greater than the norm, you’ll show the buyer that you are very serious about buying their home. This deposit will be put towards the closing costs and down payment, should your offer be selected.

4. Choose a well-connected agent

Oftentimes, homes are changing hands before the for-sale signs even go up. If you’ve narrowed your search down to a specific area, choosing an agent that is involved with the community can go a long way in placing “first dibs” on your dream home. Ideally, your agent will know exactly the type of home you’re looking for, and get you in to see the property before it’s even been listed.

This is precisely what sets the Jack Elkins team apart from our competitors. Jack is a second generation real estate agent in the Palm Beaches, and is involved with many happenings in the local area.

If you’re interested in learning more about real estate opportunities in Manalapan, Point Manalapan, Lantana, Hypoluxo Island, or Palm Beach, Jack Elkins would love to meet.