3 Tips for Winning a Bidding War

Hoboken Real Estate Podcast with Brett Sikora

If you’re looking to buy, you’re probably going to run into some competition for that dream home. Use these three tips to stand out and win the bidding war.

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With inventory so low, it’s possible you’ll run into a multiple offer situation while trying to snag your dream home. To make sure your offer stands out and wins the bidding war, follow these three steps.

1. Include a letter with your offer. Tell the sellers a little bit about yourself and why you love the home. It adds a personal touch that sellers love.
2. Make the terms easy for the seller. Try to be easy on them as far as the inspection and appraisal goes and allow for a flexible closing date.
3. Figure out the best price to offer based on the market, instead of the list price. It really depends on what the comparables look like and what the competition is doing. With the market so competitive, the list price isn’t going to be what the home sells for, so keep that in mind.

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Craft an offer based on the market instead of the list price.

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If you have any other questions, please feel free to reach out with a phone call or an email. We’re always happy to help.