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Today we are going to talk about how you can win a bidding war in San Diego, if you find yourself in that situation. We’ve got seven great tips for you to help your offer stand out, and make you the most attractive buyer possible. Here they are:
1. Get pre-approved.
There is a big difference between a pre-approval and a pre-qualification. When you get pre-qualified, all they really do is run your credit. A pre-approval covers all the aspects of your financial picture, checking your income, looking at your deposits, and comparing that to your spending habits.
2. Have a strong good-faith deposit.
The bigger, the better to show the seller you are serious about buying.
3. Have a strong down payment.
A down payment of 20% or better is attractive to the seller, but if you have a low down payment due to a VA or USDA loan, that’s okay too.
4. Don’t make a lowball offer.
If you’re competing against other buyers, a low offer isn’t going to cut it.
5. Keep contingencies reasonable.
Termite damage is a reasonable thing for a seller to repair. As for paint and carpet, sometimes it’s not.
6. Write a compelling, heartfelt letter to the seller.
If a buyer wants to buy a home, and tells their personal story to the seller about why they want to buy the home, it may relate to the seller. It’s not all about price to the sellers all the time.
7. Max out your highest and best offer.
In a bidding war, you’ve got to come with your best foot forward in order to win a property. We recently made an offer that was $30,000 over list price. The seller thought we were crazy, but the home ended up appraising for that amount, and our buyers won the home.
If you have any questions for us, give us a call or send us an email. We’d love to hear from you!
