There are quite a few things you can do to stand out if you find yourself up against other buyers.
Want to make sure a property doesn’t slip through your fingers? Put these five tips into action to make a winning offer:
1. Write a personal letter. Tell the seller what you love about the home and what it means to you and your family. Include the letter with your offer to set yourself apart from other interested buyers.
2. Add an escalation clause. With an escalation clause, you agree to increase your bid (up to a certain point) if another buyer outbids you. It’s a great way to ensure you stay at the top in a bidding war.
3. Stay flexible and open-minded. Be mindful of the seller’s timeline. If they need to spend a few extra weeks in the home before you can move in, discuss potential ways to make it work for both of you.
4. Increase your earnest money deposit. Upping your deposit can give a seller more confidence in your offer. Just remember that sellers could end up keeping the earnest money if you pull out of the deal.
5. Get preapproved for your loan. Another way to inspire confidence? Come in with a pre-approval letter from a lender.