How to Survive a Bidding War

The agent you choose to work with knows the intricacies of your local housing market, and chances are they have helped other clients through a bidding war and know a few survival tips. Before making an offer, speak with your agent and determine a smart purchasing strategy before entering into a potentially stressful bidding war. This way, you will stay level-headed and avoid making any rash decisions that you aren’t fully comfortable with.

When you begin your journey to home ownership, we can’t stress enough the importance of doing your financial homework before you shop. Getting pre-approved will not only help you understand how much you’re able to borrow, it will provide boundaries and show sellers that you mean business. This will also allow you to have your deposit funds ready, showing you’re serious about the offer and have fulfilled the requirements in advance.

From a seller’s perspective, know that it’s not always an easy process. On top of having strangers tour (and criticize) their home, sellers will be leaving the place they have known and loved. Sometimes it’s nice for them to know a little more about the new owners. Consider writing a letter sharing what you love about the property, unique features you would like to keep, and what your family is looking forward to enjoying.