{"id":2481,"date":"2016-06-26T11:11:38","date_gmt":"2016-06-26T18:11:38","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=2481"},"modified":"2016-06-26T11:25:40","modified_gmt":"2016-06-26T18:25:40","slug":"help-your-buyers-win-a-bidding-war-by-realtormag","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/06\/help-your-buyers-win-a-bidding-war-by-realtormag\/","title":{"rendered":"Help Your Buyers Win a Bidding War"},"content":{"rendered":"<p style=\"text-align: justify;\">Bidding wars are heating up across the country as buyer demand continues to offset the number of homes for sale. Buyer competition is even affecting towns that rarely see bidding wars, due to the lack of lower-priced inventory.<\/p>\n<p style=\"text-align: justify;\">For buyers with school-aged children, there&#8217;s an added urgency in wanting to find a place before the fall.<\/p>\n<p style=\"text-align: justify;\">\u201cBuyers were waiting and waiting for inventory to open up, and they\u2019re looking at the school calendar and thinking they need to get settled before the school year starts,\u201d Betsy Ceccio of Keller Williams in Montclair, N.Y., told The New York Times. \u201cThe clock is ticking.\u201d<\/p>\n<p style=\"text-align: justify;\">So in particularly hot markets, how can your buyers come out ahead in a bidding war? The New York Times recently offered some of the following tips from housing experts :<\/p>\n<p style=\"text-align: justify;\"><strong>\u2022 Get preapproved for a mortgage.<\/strong> A preapproval letter from a lender \u2013 note, not prequalified \u2013 can show that a buyer is a strong candidate in obtaining financing.<\/p>\n<p style=\"text-align: justify;\"><strong>\u2022 Have a strong start.<\/strong> What can you most afford? Bid accordingly. That said, \u201cdon\u2019t go to a point where you think it\u2019s going to be too much to handle,\u201d says Caroline Baccellieri of McClellan Sotheby\u2019s International Realty in Pelham, N.Y. Also, if buyers offer more than the asking price, make them aware that their mortgage lender may still appraise the home at a lower value. This could then leave them having to pay the difference.<\/p>\n<p style=\"text-align: justify;\"><strong>\u2022 Waive the mortgage contingency<\/strong>, but &#8230; Sellers tend to prefer offers that are not contingent on the buyers\u2019 ability to obtain financing. So in hot markets, an offer contingent on the mortgage could be viewed as a detriment. Yet, without this contingency, buyers can run a risk of losing their deposit if their financing\u00a0 ends up falling through. They\u2019ll want to weigh this one carefully and consult a lawyer.<\/p>\n<p style=\"text-align: justify;\"><strong>\u2022 Don\u2019t just bank on the letter.<\/strong> A heartfelt letter attached to your offer has gotten some buzz lately as a winning strategy. While a nice touch, \u201cdon\u2019t expect them to distract the seller from the bottom line.\u201d<\/p>\n<p style=\"text-align: justify;\"><strong>\u2022 Cash.<\/strong> And one of the best ways to win a bidding war: Offer cash. Sellers like all-cash offers because it provides more certainty the deal will go through and without delay. If an all-cash offer isn\u2019t practical, have your buyer find other ways to provide the seller certainty that the settlement will go through.<\/p>\n<p><a href=\"http:\/\/www.realtormag.realtor.org\/daily-news\/2016\/06\/24\/help-your-buyers-win-bidding-war\" target=\"_blank\">Help Your Buyers Win a Bidding War<\/a> by RealtorMag<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bidding wars are heating up across the country as buyer demand continues to offset the number of homes for sale. Buyer competition is even affecting towns that rarely see bidding &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/06\/help-your-buyers-win-a-bidding-war-by-realtormag\/\">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-2481","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Help Your Buyers Win 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\/2016\/06\/help-your-buyers-win-a-bidding-war-by-realtormag\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Help Your Buyers Win a Bidding War &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Bidding wars are heating up across the country as buyer demand continues to offset the number of homes for sale. 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