5 Best Tips for Winning a House Bidding War

By
Real Estate Agent

5 Best Tips for Winning a House Bidding War

 

To compete in a bidding war, buyers of homes for sale in South Tampa area need to prepare financially for the home purchase. If you want to stand out from the rest of the competition, you also need to familiarize with property values and you must know what you really want. Here are some other tips on handling a bidding war:

Beat other South Tampa home buyers with these 5 tips to win a house bidding.

1. Know that you are in a bidding war

One sure way to win a bidding war is to fully realize that you are in one. It is important to know where you are shopping. If the area where you are buying is a hot market, chances are, there’s going to be a bidding war. Make careful observations and check how many people are at the open house. In addition to that, if you have already made an offer and your real estate agent tells you there are higher bids, you now know that you have competition.

 

2. Do your research

Before buying any real estate listings in South Tampa, make sure that you have done your research and you are well-informed. The quicker you educate yourself about market values, the more successful your home search will be. Knowing the average house value in the area will give you an idea right away if an asking price is relatively within the price range. This can give you a guide on how much to bid on a specific home.

 

3. Make an offer that stands out

If you want to have an edge over other buyers of South Tampa waterfront homes for sale, avoid making a lowball offer just to see if the seller will entertain your offer. When you make a bid, go for a strong figure and make it a number that will stand out from the rest of the competition. Since most offers will be in round numbers, you can stand out by going to the highest number with a 1 or a 6 at the end of it.

 

4. Pay with cash

You have to be prepared if you are going against multiple offers. Experts agree that one of the best ways to win in a bidding war is by paying with cash. However, not everyone can do that. You may also increase the amount of down payment if you can’t pay with cash. Don’t forget to get pre-approved so that the seller will know that you are a serious buyer. If you are really keen on getting that particular home, you can also offer to pay the seller’s closing costs.

 

5. Tighten up your timeline

Most sellers like to close fast. If you are in a multiple offer scenario, it is best to make an offer with few contingencies. That may mean forgoing repairs or added appliances and features. Be quick about it.  If you can close quickly, that would be so much better. You can always ask for extension if you run into some issue.

 

Follow these tips and get the house that you want.  Visit http://www.TampaTodayRealEstate.com today for more helpful tips on home selling and home buying.

 

If you are looking for dedicated and hardworking Tampa FL Realtors then call me, Mary G. Diaz, today at 813 245-9677. I can provide you with fast and reliable assistance in finding or selling homes in South Tampa. With my extensive knowledge and experience in selling luxury properties in the area, I can assist you in making the best choice.

Comments (1)

Rhonda Fee - REALTOR®
Luxury Property Agent, Home Sales, Relocation - Pleasanton, CA
@ Aspire Realty Services

Great post! You've provided some excellent tips on how home buyers can win bidding wars.

Mar 01, 2016 10:25 PM