Tips on winning the bidding war

Buying in a buoyant real estate market can be challenging. A high supply of buyers competing for a low stock of available homes is a combination that can lead to bidding wars, price inflation, and other issues.

The good news is with some careful preparation and the right mindset, a bidding war is one that you can win. Read on to learn how you can beat out other bidders by making an irresistible offer.

Strong Representation is your starting point

Ask yourself: are you an experienced negotiator? Unless you have made a career out of buying and selling homes, you will find that your skills are lacking. In the middle of a bidding war is the worst time to have this realisation, so we at Elite Intl Real Estate advise starting the process with strong professional representation. Invest the time in securing the services of an experienced agent who has a history of successful home purchases and happy clients.

Get Pre-Approved For Your Mortgage Financing

With a good real estate agent on your side, you'll want to move to the next step: meeting with a mortgage lender. Your goal is to secure pre-approval for your mortgage, which will show the seller that you're both prepared and serious about buying their home. Gather up recent financial information like payslips, tax returns, and bank statements before meeting with a mortgage professional. Being prepared will make the approval process a bit easier.

Have a homebuyer surveyor

So, you have found your dream home, now it’s time to move quickly. Arrange for a homebuyer survey. There are different types of homebuyer surveys. A lot of home buyers rely on the mortgage survey, however, this is for the benefit of the mortgage lender, not the home buyer. Having your own homebuyers survey allows you to be in control of negotiations. Elite Intl always recommends an RICS Surveyor from experience we have not only used this to negotiate a more favorable price, but we have also had major issues identified resulting in the buyers not proceeding any further. 

Be Serious About A Quick Closing Process

Finally, make it clear to the seller that you're interested in closing quickly. Every home seller is interested in a fast, efficient close so they can move on. Pushing the pace a bit will demonstrate that you're not going to reverse course.

When you are ready to buy your dream home, our professional team is here to help. We look forward to meeting you!