hero-post
Blog
7 Steps to Win a Bidding War
Posted By bsa-developer on Jul 12, 2022
text-columns

In this competitive market, you may find yourself in a bidding war to purchase a house you love. Check out these 7 steps on how to close the deal!

 

  1. Get Pre-Approved for a Mortgage

It used to be that getting prequalified was enough. But in today’s market getting pre-approved will make a much stronger impression.

 

  1. Pay Cash

If you have the means to do so, pay cash for the purchase. A cash buyer is always more attractive to a seller because they don’t have the complications of the mortgage process. Don’t have cash? No problem! Ask about our CashPower™ program.

 

  1. Ask Questions

Don’t be shy when questioning the seller’s agent about activity on the home. The more information you have, the better for crafting your offer – or deciding against placing a bid.

 

  1. Eliminate Contingencies

Many buyers nowadays are waiving the home inspection and the appraisal. Be flexible on the closing date.

 

  1. Add an Escalation Clause

An escalation clause would say the buyer will pay an amount above the highest bid, up to a certain price. It’s helpful when there are multiple offers to avoid the back and forth.

 

  1. Tell People You’re Shopping for a Home

People want to help people they know. So, tell your friends and family you’re in the market – you never know, a friend might be thinking of selling themselves!

 

  1. Make a Personal Connection

Write a letter to the seller explaining why you love the house. Compliments and personal connections could lead the seller to spend more time looking at your offer even if it’s a little less.

 

*This material has not been reviewed, approved or issued by HUD, FHA or any government agency. The company is not affiliated with or acting on behalf of or at the direction of HUD/FHA or any other government agency.

This information is provided for convenience only, and Family First Funding LLC and its affiliates (“FFF”) make no warranties concerning the accuracy or completeness of any of the information. Information is subject to change without notice, and FFF is under no obligation to provide updated information. This is not financial, tax, compliance or legal advice and should not be taken or relied upon as such. Each individual should consult with his/her financial, tax, compliance or legal professional. Mention of product, process or service shall not be construed as an endorsement or recommendation by FFF.

text-form
Contact Us

need more info about this topic?

We’re all about educating our buyers. If you’d like to talk to someone to get more information, or need additional resources, get in touch and we’ll connect you with someone with the knowledge to help.

grid
Our resources

In the news Today

/
Find a Loan Officer