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How To Win A Bidding War

When you’re in a hot real estate market and shopping for a home, you just may find yourself in a bidding war. And a bidding war can push the price up even higher. So, how to win a bidding war?  The best way to win a bidding war is to hire an experienced, professional real estate agent who can guide you through the tough negotiations in a bidding war. These pros are a good backup. Plus, you’ll get good tips from them on how to win a bidding war.

Get Pre-Qualified vs Preapproval Letter

Having a preapproval letter is way better than just getting pre-qualified. You can up your chances of winning out other buyers. Although you’ll have to submit all of your financial documentation to your lender before looking at homes, you’ll be well-poised to pounce quickly when you find the home you want with a preapproval letter in hand.

Strengthen an Offer with an Escalation Clause

An escalation clause can strengthen your offer by stating that you’re willing to increase your offer incrementally if other offers come in that top your initial bid. An escalation clause gives you the upper edge when you’re facing a bidding way. You can also allow your bid to be valid for up to 20 days if the highest bidder makes an outrageous offer and does not deliver on it.

Scale Back on Contingencies

Sellers always have the upper edge in a bidding war, and they want offers that are clean and simple. Avoid putting in too many contingencies. You also don’t want to ask the seller to pay your closing costs. Contingencies and requests for closing costs fees will make the seller say no to your offer and say yes to another offer.

Write Up a Love Letter

A little love goes a long way in a bidding way. Write up a love letter to the seller and appeal to their heart. Tell them why you want the home. Even add a couple of photos of the kids or pets. With so much fierce competition in a bidding way, appealing to the heart can make your offer stand out.

Looking for a home in an active real estate market? Let the real estate professionals at On Point Carolinas Realty go to work for you and win you that home.

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About The Author
Kim McBee

Kim McBee epitomizes integrity, energy, hard work and a creative service in every detail of your real estate transaction that makes buying or selling your home an incredible, memorable experience. She uses her 13 years of experience to help you achieve your goals with the least amount of stress possible. Whether a first time buyer or an experienced seller, Kim will bring her spirited energy and real estate knowledge to your next adventure. Kim is a licensed Real Estate Broker in both North and South Carolina and is an active member of the Charlotte Regional Realtors Association as well as the National and Local Home Builders Associations. Kim started her career in real estate in 2002 with Crescent Resources, a large residential, commercial and multi-family developer based in Charlotte, NC. She and partner Gus Testa had the opportunity to work in most of their residential communities in the Charlotte region during their ten (10) year tenure. In 2012, Kim and Gus, along with a local area developer, formed On Point Carolinas Realty, LLC. On Point Carolinas Realty, LLC is a full service real estate company, working with buyers and sellers in both new home construction and re-sale homes. From 2002 – 2012, Kim and Gus sold between $15 - $50 million in volume in the Lake Norman, Charlotte and northern most portions of South Carolina. Now with On Point Carolinas Realty, LLC, they continue to work every aspect of the real estate industry representing sellers, buyers, investors and banks in the residential market. Before entering the real estate industry, Kim took a five year leave of absence from work as a scheduling analyst/cost engineer in the nuclear power industry for Stone & Webster >Engineering and Bechtel Power Corporation to stay home and raise her son.

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