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Tips for Winning a Bidding War

  • Writer: ernieturner
    ernieturner
  • Jul 20, 2022
  • 2 min read

Updated: Jul 22, 2022


In some home-buying cases, a bidding war takes place, which occurs when more than one buyer makes an offer on a home, and several counteroffers ensue. So, if you’ve found the home of your dreams, here are some tips to help you win the bidding war.

Make a Great Offer When you outbid the competition, the seller will likely accept your offer, especially in a busy seller’s market. Also, if you decide to make an all-cash offer, you have a much higher chance of accepting your bid. Paying for a home in cash allows you and the seller to avoid additional fees like realtor commission and other closing costs. Get Pre-Approved Having a pre-approval document in your hand shows sellers that you’re already qualified to buy a home and that you’re serious about your offer. This is as close as you can get to securing a loan without a purchase contract. Add an Escalation Clause An escalation clause is a special language added to a purchase offer that will automatically increase your bid amount by a certain number as you compete against other bidders. The bid will increase until the offer reaches the maximum price that you’re willing to pay, and it only applies when there are competing offers on a property. Write a Personal Letter to the Seller Buying and selling a home is a very personal transaction. Consider writing a handwritten personal letter to your seller explaining why the property is so important to you and your family.


Getting involved in a bidding war does not mean you have to give up on your dream home. With some determination and knowledge, you’re able to move into the house you’ve always wanted. I am here to help you along the way with any questions or concerns!


 
 
 

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DISCLAIMER:  All information and views expressed on this site are my own and do not represent the opinions of any entity whatsoever with which I have been, am now, or will be affiliated.  Every attempt to ensure that the information contained in this site is accurate, Ernie Turner is not responsible for any errors or omissions, or for the results obtained from the use of this information.  All information in this site is provided "as is", with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information, and without warranty of any kind, express or implied.  In no event will Ernie Turner or his employer be liable to you or anyone else for any decision made or action taken in reliance on the information in this site or for any consequential, special or similar damages, even if advised of the possibility of such damages.  

 

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 1076 Highland Colony Pkwy - Ste 150 , Ridgeland, MS  39157 

 

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