How to Navigate a House Bidding War

7/29/22, 10:59 AM

How to Navigate a House Bidding War - Ezra Beyman | Real Estate Professional | New York, New York

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H OW TO NA V I G A TE A H OU S E BI DDI NG WAR

House bidding wars can become intense, so if you’ve got an eye on a certain property, you need to have the right strategies up your sleeve for success. People can win a house bidding war by following this guide.

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7/29/22, 10:59 AM

How to Navigate a House Bidding War - Ezra Beyman | Real Estate Professional | New York, New York

Write a personal letter Buyers who cannot compete on price must nd creative ways to stand out. They can tell a story. Mention background details when talking to the seller. For example, some buyers are rst-generation Americans who want to achieve the dream of homeownership. They might also be veterans coming back from a brutal war. Another buyer might be a single mother trying to nd a place to raise her kids. Writing a personal letter works because many sellers are empathetic people. They might be convinced to accept a bid even if it is not the highest.

Get mortgage preapproval Some buyers have di culty getting a mortgage. Their credit scores and bank statements are not good enough. Sellers do not want to work with these buyers because there is uncertainty. By getting preapproved for a mortgage, people clearly understand how much they can bid on the house. They become serious buyers who will not waste the seller’s time. Therefore, preapproval letters help move things along without any hiccups.

Outbid everyone else People need to remember that sellers want dollar bills. It is the primary reason why they are putting the house on the market. Many sellers do not care about personal letters.

They just want to make as much money as possible on the transaction. These shrewd businessmen can then focus on something else. Therefore, making the highest o er is the simplest way to win a house bidding war.

Waive contingencies Sellers want clean o ers. They do not want to get bogged down with constraints. Buyers who want to move forward can opt out of inspections. This creates a risk for the buyer.

What if the house has a major issue? However, the buyer must take on this risk if they want to win the bidding war. The inspection process can take a long time. It can create hassles for the seller. Buyers who wait for the inspection process to be over might get

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7/29/22, 10:59 AM

How to Navigate a House Bidding War - Ezra Beyman | Real Estate Professional | New York, New York

outbid. By waiving contingencies and quickly closing the deal, buyers can lock in a good price.

By using this guide, people will become sophisticated players in a house bidding war.

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R ECENT POS TS Why Renters are Worried About Homeownership Is a Pocket Listing Right for You? A Checklist for Touring a New Home Mortgage Mistakes to Know and Avoid How to Navigate a House Bidding War

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How to Navigate a House Bidding War - Ezra Beyman | Real Estate Professional | New York, New York

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