8 Slam Dunk Strategies for Winning in a Real Estate Bidding War

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Multiple Offer Madness

8 Slam Dunk Strategies for Winning in a Real Estate Bidding War

March isn't just about college basketball brackets and buzzer-beaters; it's also prime time for the housing market. In the competitive arena of home buying, multiple offer situations can feel like a high-stakes game. But fear not, prospective homebuyers – these winning strategies will ensure you come out on top!

1. Master Your X’s + O’s (Game Plan): 

Before diving into the fray, develop a solid game plan with your real estate agent. Understand your budget, priorities, and deal-breakers to make strategic decisions during the bidding war.

2. First Seed Pre-Approval:

Secure a mortgage pre-approval to strengthen your position. A pre-approved buyer is like a top-seeded team entering the tournament – more likely to advance in the competition.

3. Play Offense with a Strong Offer:

Stand out by submitting a compelling offer right out of the gate. Consider offering above the asking price.

4. Run the Right Play:

Be flexible with your terms to appeal to the seller's needs. You may need to maneuver your game plan tactics by accommodating to the seller’s preferred closing timeline or other specific requests.

Strengthen your offer by minimizing contingencies. While some contingencies are essential, reducing them demonstrates commitment and reliability.

5. Keep Control of the Ball with an Escalation Clause:

Utilize escalation clauses to automatically increase your offer in small increments, staying just ahead of competing bids - ensuring the ball stays in your court. This strategic move can show sellers that you're serious and ready to play ball.

6. Fast Break with an Early Inspection:

Consider conducting a pre-offer home inspection. This tactic allows you to submit an offer without the contingency of a home inspection, making your bid more attractive.


7. Scouting Report - Know Your Competition:

Work closely with your real estate agent to understand the competition. Knowledge is power -knowing what you're up against allows you to tailor your offer accordingly.

8. Watch the Shot Clock for Deadlines:

Strategically time your offer submission by setting a deadline for offers. Creating a sense of urgency may encourage sellers to decide in your favor.