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5 ways to win bidding wars

May 26th, 2021 11:43 PM by Sam Kader

Since the pandemic of 2020, the Seattle-area housing market has not just rebounded but the current market is so pumped up in “steroids”.  Prices are up and most houses are sold within weeks. Homebuyers are escalating prices and waiving contingencies trying to win a seller’s attention.  Here are some tips on how to make your offer stand-out: 

  1. Get Pre-Approved by your lender.  Work with a local mortgage broker that can shop rates with various lenders and  that you can meet face-to-face. 
     
  2. Preview homes ASAP and make your first offer highest and best from the start. Going in with a great offer at front could help convince a seller to accept your offer rather than holding out for a better offer.        Places such as here in Puget Sound area wherein property appreciation has been double digits in the past few years can make it worthwhile to offer higher prices to get the house of your dream.

3. Make an offer as clean as possible with less contingencies in play

  • An appraisal contingency in a bidding wars would put your offer to the bottom of the stacks (please read my blog on lower appraisal).
  • Financing contingency is not as important if you work with a qualified mortgage broker that can fully underwritten a file prior to finding a home and placing an offer.  (I can help you waive this contingency).
  • Property inspection contingency – one may have been done by the seller so that you can review it ahead of time. ( As a safeguard - though not as rigorous as property inspection, the subject property must pass lender appraiser’s inspection before your loan can be approved.)                                                                                                  4.  Be flexible, sellers are people tooAn offer with a rent-back option for 30 – 60 days that can give sellers peace of mind if they have to find their next home.   Ask the seller or the listing agent if there’s anything that you can do for them to accept your offer.

         5. Make a bigger earnest money deposit.  This will show that you are in it and that you have skin in the game.

Posted in:Bidding wars and tagged: Bidding wars
Posted by Sam Kader on May 26th, 2021 11:43 PM

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