The Perfect Property

Winning A Bidding War Without A Winning Bid

by Zachary Thompson

In a property bidding war, many people automatically assume that the highest bidder gets the house, but this isn't entirely true. Even though a high bid will attract the attention of the seller, there are other things you need to do besides or in addition to increasing your bid to boost your chances of buying the property. Here are some of those things:

Minimize IContingencies

The more contingencies you have, the more the seller will view your bid with suspicion. Having numerous contingencies increases the risk at least one of them will prevent the sale. From the seller's point of view, there is no use accepting a high bid with a low-risk of actualization. Therefore, avoid unnecessary contingencies at this time if you want your bid to be taken seriously. For example, this isn't the time to make a purchase contingent on your spouse's agreement; instead, talk to your spouse first before making the bid.

Accept the Seller's Contingencies

A typical seller doesn't just want to sell their home; they tend to have conditions or contingencies attached to their sales. For example, some sellers want super fast closing while others want you to give them a leaseback option. Many sellers, therefore, are more likely to accept a lower offer that meets their conditions than a higher bid that doesn't meet the conditions. Therefore, find out what the seller's terms are and see if you can meet them.

Get Personal with the Seller

Property purchases are often handled in "businesslike" manners; after all, they are business transactions. However, creating a personal connection with the seller may help you win a bidding war. This is even more likely if the seller actually lived in the house and is not a developer. Someone who has lived in the house is likely to be emotionally attached it and will be more likely to listen to your personal pleas than a developer. Therefore, such a person may listen to your professed love for the house or why you think it can make an excellent home for your kids or family.

As you can see, you don't have to overspend to win a bidding war. Also, it is possible to lose a bidding war if the only thing you are relying on is your high bid. Luckily, the above tips can increase your chances of succeeding tremendously. It may also help to come in strong from the beginning, instead of starting from a very low bid. For more information, contact a business such as The RandelleGreen Group.