If you’re shopping for a home for sale in Midland, there’s a good chance that other people will be interested in the same homes you like – and sometimes, multiple buyers’ interest sparks a bidding war.
Here’s how you can win.
Want to Win a Bidding War? Try These 3 Tips
First things first: Try to avoid a bidding war. You could end up paying more than the home is actually worth. In some cases, that’s okay – particularly if you absolutely must have the house. However, you don’t want to get caught up in winning for the sake of winning. To avoid a bidding war, you can ask your real estate agent to find out if the sellers have a price in mind that would end the back-and-forth.
- Make sure you’re preapproved
- Be ready to tighten up timelines
- Write a personal letter
Let’s take a closer look at each.
#1. Make Sure You’re Preapproved
When you’re preapproved, the seller knows you can qualify to buy the home. It can help your offer move to the top of the pile – and that’s a great idea whether or not you anticipate a bidding war.
#2. Be Ready to Tighten Up Timelines
During the contingency period, buyers back out of contracts for several reasons, and that freaks out sellers. Nobody wants to have to put a home back on the market once it’s already come close to selling. If you can minimize the contingencies you include, as well as tighten up your timeline, you can give sellers a little extra peace of mind, which can make them pick your offer over someone else’s.
#3. Write a Personal Letter
Without getting too in-depth, write the seller a personal letter that explains how much you love their home. Let them know you look forward to living there. If they have many similar offers, sometimes the one that comes with a heartfelt letter is the one that wins.
Are You Buying or Selling a Home in Midland, Texas?
Use our site to search homes for sale in Midland and all of our surrounding areas. Unlike the “big name” sites out there, our site is directly connected to our local MLS and is updated faster. By creating a property manager account you can stay on top of the newest homes for sale and get price change alerts so you can stay ahead of other buyers and beat them to the best deals!
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