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How To Win A Bidding War | Buying A Home In 2020

If you've ever experienced the frustration of finding your ideal home and being outbid on it then keep reading.

Here are 6 things you can do to make your offer stand out and get your offer accepted.

1) Have Your Pre-approval Letter Ready

Having a pre-approval letter ready to submit with your offer allows you to do 2 things; set your budget ahead of time and demonstrate to the seller that you can bring money to the closing table.

2) Use Escalation Clauses

An escalation clause automatically increases your initial bid if a better offer is received up to a certain value. This will keep you in the game if you're outbid by only a small amount and show the seller you're willing to compete, potentially encouraging a counter offer.

3) Limit Contingencies

Requiring the seller to cover closing costs, buy a home warranty for you or conduct repairs will make your offer less competitive. Making the purchase of the home contingent on the sale of your old home can also make your offer less competitive.

4) Be Flexible With Closing

Being flexible around the timing of closing can set your offer apart. Moving quickly when required and having patience when required can solve problems for the seller which they will certainly appreciate.

5) Personalize Your Offer

Sellers are human just like you and me. Writing a letter and/or including photos in your offer may be enough to set your offer apart.

6) Be A Backup

While you may not win the initial bid, make it clear that you're prepared to be a back up should the initial contract falls apart. This will give the seller an easy alternative and put you in the best position possible.

- Phil Wells


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