{"id":13167,"date":"2019-07-29T15:15:30","date_gmt":"2019-07-29T22:15:30","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=13167"},"modified":"2019-07-18T09:36:05","modified_gmt":"2019-07-18T16:36:05","slug":"the-secrets-of-winning-a-bidding-war","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/07\/the-secrets-of-winning-a-bidding-war\/","title":{"rendered":"The Secrets of Winning a Bidding War"},"content":{"rendered":"<p style=\"text-align: justify;\">You\u2019ve found the house you love. But, apparently, so have other buyers \u2014 and it\u2019s the same house. When several buyers want to compete for the same property, how do sellers choose among offers? What can you do to increase your chances of getting the home? Freshome asked several experts to share the secrets of winning a bidding war.<\/p>\n<p style=\"text-align: justify;\"><strong>Get to know the listing agent<\/strong><\/p>\n<p style=\"text-align: justify;\">We\u2019re not recommending that you schmooze \u2014 although it might help. \u201cBefriending the listing agent is a great idea,\u201d Tracey Hampson at Realty One Group in Valencia, CA, says. \u201cI always make a point of speaking with the listing agent and asking who she would like to use for services like escrow and title. Here in California, it is the listing agent who normally chooses. And I ask if there is anything specific the seller is looking for,\u201d Hampson explains. She says you can get a lot of information out of a phone call.<\/p>\n<p style=\"text-align: justify;\">Tory Keith, President of Natick, MA-based real estate firm Board and Park, agrees. \u201cA good buyer\u2019s agent will always have a conversation with the seller\u2019s agent to get a feel for how competitive the situation is, whether there are terms besides price that are important to the seller and whether there will be a second opportunity to present best and final offers.\u201d However, if the home is FSBO, you and your agent will need to get to know the seller since no agent will be involved on their end.<\/p>\n<p style=\"text-align: justify;\"><strong>Choose your own agent carefully<\/strong><\/p>\n<p style=\"text-align: justify;\">It\u2019s important to get to know the seller\u2019s agent, but make sure you know your agent as well. \u201cAn agent\u2019s reputation can and does have an effect on the offer process,\u201d says April Macowicz, Broker Associate and Team Owner at The MAC Group RE in San Diego, CA. \u201cIf your agent has a reputation for being difficult, you can say goodbye to that home, especially in a bidding war,\u201d she warns.<\/p>\n<p style=\"text-align: justify;\"><strong>Make the seller\u2019s life easier<\/strong><\/p>\n<p style=\"text-align: justify;\">If you can give the seller more time or reduce their level of stress, you might give yourself an edge. \u201cOne way to make your offer stand out is by either removing the inspection contingency or reducing the timelines on those,\u201d Macowicz says. \u201cIf you can get away with having a 5-day inspection period, that looks a lot better to the seller than a 17-day inspection period.\u201d<\/p>\n<p style=\"text-align: justify;\">This is why it\u2019s important to meet with the seller\u2019s agent to find out what the seller cares about. \u201cThere is nothing worse than writing a full price cash offer to close in 30 days when the seller needs 90 days to move out,\u201d says Tom Matthews of the Tom and Joanne Team at Gibson Sotheby\u2019s International Realty.<\/p>\n<p style=\"text-align: justify;\">And letting the seller set the moving date is another way to gain an advantage. \u201cPut in the contract that you will accommodate the seller\u2019s closing\/moving date,\u201d advises Sissy Lappin, Founder of ListingDoor.com.<\/p>\n<p style=\"text-align: justify;\"><strong>Money is important<\/strong><\/p>\n<p style=\"text-align: justify;\">Of course, a higher offer is usually the first thing that buyers consider. And Jon Tetrault, a team director at The Nick Slocum Team at Slocum Realty in Rhode Island, offers some advice on how to create a compelling offer.<\/p>\n<p style=\"text-align: justify;\">\u201cMake sure you run the numbers to be sure that the neighborhood supports the price you\u2019re offering, but the higher the offer, the better your chances,\u201d Tetrault says. \u201cI always suggest buyers go slightly above an even number.\u201d So, if the home is listed at $300,000 and his buyers want to offer $302,000, Tetrault suggests offering $302,250. \u201cThat will give them a leg up in the event that someone else offers $302,000,\u201d Tetrault says.<\/p>\n<p style=\"text-align: justify;\">Another tip is to make the offer as clean as possible, Hampson says. \u201cDon\u2019t ask for any money towards closing costs, etc.\u201d<\/p>\n<p style=\"text-align: justify;\"><strong>Attach a short note<\/strong><\/p>\n<p style=\"text-align: justify;\">Lappin also recommends including a short note on what you love about the home \u2014 like the architectural details \u2014 and why you want to make it your own. \u201cI did this on one home that had seven offers and the seller was adamant the \u2018nice lady\u2019 was going to get her home,\u201d Lappin says.<\/p>\n<p style=\"text-align: justify;\">However, Vivian Cobb of Colorado Springs, CO-based Cobb Real Estate is against including notes and letters. \u201cRemember, this is a business deal and it\u2019s about what makes sense for the seller,\u201d she says. \u201cKeeping emotions out of it is good advice.\u201d<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/freshome.com\/win-a-bidding-war\/\" target=\"_blank\" rel=\"noopener noreferrer\">How to Increase Your Chances of Winning a Bidding War?<\/a> by Terri Williams | Freshome<\/p>\n","protected":false},"excerpt":{"rendered":"<p>You\u2019ve found the house you love. But, apparently, so have other buyers \u2014 and it\u2019s the same house. When several buyers want to compete for the same property, how do &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/07\/the-secrets-of-winning-a-bidding-war\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-13167","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Secrets of Winning a Bidding War &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2019\/07\/the-secrets-of-winning-a-bidding-war\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"The Secrets of Winning a Bidding War &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"You\u2019ve found the house you love. 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