Of course, many times the highest bidder or cash wins. However, this may not always be the case. Even a buyer getting financing may find with the right terms and conditions it could make the difference in to win the bidding war.
1. Pre-inspection or waive inspection
The pre-inspection is attractive to sellers because the buyer will waive the inspection when writing an offer. When there’s an inspection contingency in place, the buyer can terminate the agreement at any time prior to the inspection contingency deadline.
2. Waive the appraisal
This means that if the property does not appraise at the purchase price, the buyer needs to pay the difference between the appraisal and the purchase price at closing.
3. Solid financing
You will be a much stronger buyer if you have been fully underwritten and approved for a loan. This is stronger than getting pre-qualified or pre-approved thought the direct underwriting system.
4. Cash is king
Paying all cash is always great for a seller as there is no financing or appraisal contingency. Be willing to provide proof of funds for a cash offer.
5. Waive financing
Even though a buyer is getting financing, they do not make it contingent on financing. They’re confident in their financing and believe the loan will go through. This would mean if for whatever reason, you could not get financing you would lose your earnest money.
6. Earnest money
A large earnest money amount is always more favorable. Some buyers are writing their earnest money check directly to the seller and upon mutual acceptance instruct the closing agent to release it to the seller as a nonrefundable deposit toward the purchase.
Windermere Real Estate/JS
Only sellers love multiple-offer situations. But with these tips, you can rise above the pack and help put yourself in the best position to win the bidding war and get your dream house. For more info go to: http://connie.withwre.com/winning-the-bidding-war/ Connie Redden 425.750.2393