Prepare Your Buyers for a Bidding War

By
Real Estate Agent with Coldwell Banker C&C Properties

 

In hot real estate markets around the country, bidding wars are becoming more common. While the process may be intimidating for many buyers, help them compete with other offers with these tips.

 

1. Prepare. Preparation is the foundation for a great competitive offer. Prepare your clients by explaining what a competitive offer situation is, what the process generally looks like and discuss any pros and cons. The more information your clients have about this time of situation, the better they will be able to handle any curve balls.

2. Discuss concessions. In multiple offer situations, the seller often chooses the offer that is the most beneficial to them. Discuss what your buyers would be willing to give up for a more competitive offer. Maybe they won’t ask for the washer and dryer to be thrown into the deal or they’ll pay their closing costs themselves. Whatever it is, make sure that it’s something they can live with.

3. Get all of the necessary paperwork together. Deals can be lost if all of the required paperwork isn’t submitted. Make sure that all of the addendums and disclosures have been printed and looked over. Also, ensure that the lender’s preapproval letter and any other financial documentation has been taken care of.

4. Make sure everything is signed.Just as Santa makes a list and check it twice, look over all of the paperwork and make sure that everything is signed, initialed and dated before sending it off. Don’t lose a bidding war over something as silly as a missing signature.

5. Set reasonable expectations.Throughout the process, be candid and truthful with your clients, reassure them of what’s normal and help them set realistic expectations of the process. This will help to diffuse frustration and help them to understand the process. Also, remember to keep in touch with them while you’re waiting for a response; this will prevent frustrations.

 

 

Posted by

Got real estate needs? We can help.

Customize your home search HERE and receive listings specific to what you're looking for.

GET YOUR HOME'S VALUE, click HERE

Chris and Maria Jeantet, "the real estate couple"

EMAIL US maria@ccproperties.com

CALL Chris at (530) 510-0810 or Maria at (530)510-8880

Instagram

 

 

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate General Information
Location:
California Shasta County Redding
Groups:
Realtors®
Blogging & SEO
Dedicated Bloggers
Local Expert
Hyper-Local
Tags:
bidding wars
real estate general information
prepare your buyers

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
685,256
Michael Dagner
Brokers Guild Classic - Denver, CO
Your Denver Homes Realty Expert

Chris & Maria, preparation is key to avoiding disappointment.  Once the buyer gets that first offer under their belt they're so ready for the next one.  

Jan 14, 2015 10:00 AM #1
Rainmaker
598,808
Tracy Lee Parker
RE/MAX Dallas Suburbs/PLATINUM PROPERTIES & MANAGEMENT - Rockwall, TX
Buy*Sell*Lease

Hi Chris I Maria, 

Great ideas for buyers especially make sure the offer has not mistakes!  This market can be so defeating to buyers , I have had some quit looking! 

Jan 23, 2015 01:05 AM #2
Rainmaker
5,342,941
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

This is very good advice for prospective home buyers.

Jan 25, 2015 11:54 PM #3
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
271,564

Chris and Maria Jeantet

Redding CA Real Estate Couple
Ask me a question
*
*
*
*
Spam prevention

Additional Information