How to Win the Bidding War
So the question is how to win the bidding war. The key to success is preparation.
Prepare your Mortgage Application Before Bidding
How much you can borrow is the first thing you need to know. Be ready to purchase before the desired home is available on the market. As soon as the dream house is available, you can purchase it in a few days. During the bidding war, this gives you the advantage because you are more attractive to the seller when compared to other buyers.
Buying Agents are a Real thing
You must give the impression that you are a competent buyer and have good industry knowledge to offer a price to the seller. It’s a good idea to have a knowledgeable agent on your side to ensure the price of the deal is fair. In addition, an experienced agent asks questions that you wouldn’t have considered if you go in alone.
Go for the Clause during the Bidding War
Firstly, take the option to include a financial clause that gives you the power to dissolve the contract without a penalty. Secondly, include a clause that permits you to have a professional inspection of the house. The inspection gives you 2 things:
- You are sure what you are buying
- Ability to anticipate any upcoming expenses
Use the Cool-off Period to your Advantage
After signing a purchase agreement, you have three working days to “cool off.” We suggest acting fast to get the property inspected. If a problem arises you can still withdraw the contract and get a full refund. Jump into the action and get a valuation of the property with a complete building inspection. You don’t want the cool period to end only to discover that the building contains toxins or that the repair expenditures exceed your budget.
