Tips For Minimizing A Bidding War

In today’s very competitive seller’s market, here are some suggestions that could help reduce the chance of you getting into a bidding war.
  1. Hire a local buyer’s agent who knows the market you’re interested in.
  2. Give details to that agent of your needs list, not your want list. They will be able to preview any new property for you just as soon as it becomes available, and sometimes prior to it hitting the market.
  3. Get pre-qualified or have a proof of funds letter in advance of your search. Your agent can put you in touch with local lenders or mortgage brokers.
  4. If your agent agrees with the asking price, offer full asking price.
  5. If your agent agrees, remove inspection contingency, instead you can have your agent recommend a local contractor who could come to the house with you.
  6. Ask your agent to find out what is the best time frame for the seller to close, and try to use that date as your closing date.