It's no secret that the housing market is very hot right now. There are plenty of buyers but not as much inventory for sale in most major cities. You will most likely encounter a bidding war at some point during your house search, and more than likely, more than one. These are some of the most creative ways to win a bidding war that actually works.
Write a Personal Letter
Most bidding wars will take the home over the asking price, and in some cases maybe out of your budget. There are times however when a seller isn't only interested in how much money they can get for their house, they are also interested in finding the right buyer for their home. They would like to find a family who will love it as much as they do. A very effective bidding strategy is to attach a personal letter to your bid and perhaps a photo of your family. You can talk about how much this new home will be loved and cared for, and even if there are similarities to the home you grew up in. Sellers often want to know the new buyers will care for their home as they would.
Cover the Seller's Costs
For the most part, it's the sellers who handle paying for transfer taxes, home staging, and the home warranty. If you are able to, you could offer to cover the cost of any taxes and other costs associated with the sale of the home. It might be possible for you to help cover some or all of the seller's moving costs to sweeten the deal as well. This could be very helpful if the home has multiple bids that are close in price range and it could just put you over the top.
Take Furniture They Don't Want
Sometimes sellers just don't want to move furniture they don't have room for in their new home. If you are trying to get an advantage in the bidding war game, you could offer to take care of any furniture or appliances they don't want. This way you are making the move easier for the seller and they just might accept your offer over another because you are making their lives much easier.
As Is Offer
While it's never a good idea to forgo a home inspection, you could place an 'as is' offer on the home. This means, barring any major structural repairs or damage to the house that would cost too much to fix, your bid could include a clause that says you are willing to take the home in the condition it's in without expecting the seller to make any repairs or renovations to it.
For more tips, contact a company like Keller Williams Realty Greater Northwest.