How to Win a Multiple-Offer Bidding War

The housing market is starting to even out in some areas of Ohio. We are starting to see less inventory on the market which means buyers will start to compete when making an offer on a home. For the seller, that is great news! For the buyer, you have to make sure you are prepared to go into a multiple offer bidding war. It is best to talk to your real estate agent, but here are a few tips for you...

1. Make your offer attractive

You don’t know what the other buyers are offering, if they have any contingencies, if they are paying cash, or if they are asking for closing costs. Try to make your offer as attractive as possible without breaking the bank or leaving yourself without room for inspections or ample time for closing. This could simply mean offering more and asking for less. Your real estate agent can advise you on this.

2. Get pre-approved, not just pre-qualified

This is a must when purchasing any home. Even if it is not a bidding war, having a pre-approval letter is something the seller will ask for before accepting any offer. With mortgage underwriters cracking down on loans these days, it is very important to get pre-approved.

3. Price

Typically when it comes to a multiple offer situation, the listing agent will let each buyer know they need to bring their highest and best offer to the table. Keep in mind this might mean something different for each buyer. Do not over stretch yourself financially just to win a bidding war. Make an offer based on your highest and best purchase price. Highest and best also includes the bottom line. The listing agent will plug in the amount of your offer along with any closing costs or things you are asking for within the contract to show the seller what they will net at closing. Whichever offer presents the highest and best under the most favorable terms typically wins.

It is not uncommon to see a multiple offer situation. It just depends on the house, the real estate market, and the demand. Talk to your real estate agent about competing in a multiple offer bidding war. Remember, do not over stretch yourself just to win the war. Make sure it makes sense for you and your situation.

 

Are you looking to buy or sell a home in the Columbus area?  Call or email me, and I'll be happy to help!  

 

Roberta Kayne, Realtor & Photographer - All Rights Reserved
Specializing in First Time Buyers and Relocation Buyers
Central Ohio - Columbus - Dublin
Certified Residential Specialist (CRS)
Accredited Buyer Representative (ABR)
Short Sale & Foreclosure Resource (SFR)
Residential Relocation Specialist (RRS)
Re/Max Affiliates, 614-537-4564
Dublin, Ohio
homes@RobertaKayne.com
www.FindColumbusHomes.com
www.KaynePhotography.com

 Connect with me :

 

    Twitter Roberta KayneFacebook - Roberta KayneLinkedInRSS Feed Blog

 

 

 

Comment balloon 2 commentsRoberta Kayne • April 18 2013 01:32PM
How to Win a Multiple-Offer Bidding War
share
The housing market is starting to even out in some areas of Ohio. We are starting to see less inventory on the market which means buyers will start to compete when making an offer on a home. For the seller, that is great news! For the buyer, you… more
Columbus Police Mounted Patrol Unit
share
Did you know that the Columbus Police Department has a Mounted Patrol Unit? I was fortunate to get a tour, take some photos and meet some of the officers in training at their barn/stable courtesy of one of my clients who works there. It was fun… more
3 Reasons Your Home is Not Selling
share
The improving housing market in the last few years has been a serious benefit for people trying to sell their homes. Unfortunately, a stronger market isn’t a guarantee that your house will sell right away. Why do some houses take forever to sell and… more
Highlight on Hilliard, Ohio
share
Hilliard, Ohio is a busy, bustling, active town with a large and diverse population. In 2010, there were an estimated 28, 435 people calling Hilliard home, and that number has continued to grow. Hilliard is equipped with all of the resources to allow… more
8 Things You Should Do Before Selling Your Home
share
Unless your home is in perfect (and I mean perfect) condition already, you’re going to have to take some preparatory steps before even listing your home for sale in order to ensure a short and successful sale. That is, buyers won’t be interested in… more
Before You Relocate, Here Is What You Need To Know
share
Whether you’re relocating because your employer tells you to, or you’re choosing to opt for a change in scenery, the benefits and dangers of relocating are the same. Before deciding whether to stay or go, you need to consider your finances, your… more
Happy Valentine's Day!
share
Happy Valentine's Day! I hope you are having a wonderful Valentine's Day! We went to Bravo! to celebrate and I received a gift certificate for a massage at Massage Envy and a box of chocolates from the Schakolad Chocolate Factory as well as… more
Albuquerque IHOP Celebrates National Pancake Day February 5 2013
share
If you like pancakes and want to support local charities, consider going to IHOP on Tuesday, February 5th. On February 5, 2013, IHOP will celebrate National Pancake Day. Guests of IHOP can enjoy a free short stack of Buttermilk pancakes,… more
Be Careful I Kiss and Tell
share
Kathy Godin makes an excellent point here - one that I emphasize in my Homebuyer Seminars and with my clients and prospects… If you call the agent on the sign, please keep in mind that the agent you are calling is representing the seller, and… more
A Lovely Testimonial
share
I just received a lovely testimonial and wanted to share it here. This is what makes my job worth it every day! "Roberta came highly recommended from two of my family members. Roberta helped my mother and brother to find their… more