It’s certainly no secret that the spring season is one of the busiest times of the year for the Boca housing market. And with more people looking to buy a home or condo, chances are you may find yourself in a bidding war if you too are in the market for a new home or vacation residence.
But as the busy spring market fast-approaches, facing stronger buyer competition doesn’t always result in a more stressful home buying experience, as long as you’re well-prepared. And as we’ll discuss below, offering the most money isn’t the only bidding war strategy to consider when you find yourself competing for an available listing.
All-Cash Offers Are King
While not everyone is able to pony up the cash for a new place, doing so greatly improves your chances at being the last one standing so-to-speak. In fact, according to a RedFin study, all-cash offers improve your chance for success by a whopping 97%.
Waive the Financing Contingency
Not surprisingly, waiving any financing contingency is another way to make your offer more appealing to sellers, which essentially means you’re agreeing to forfeit any deposit you put down you can’t secure a mortgage. While risky, it certainly makes a statement that you’re a serious buyer, and sellers will undoubtedly take notice.
Personalize Your Offer
Although it’s almost always about the bottom line for most home sellers, sometimes writing them a personal letter about why their home is the perfect fit can be the difference. In many instances, sellers have an emotional attachment to their home, so knowing it’ll be in good hands when they move may just be the personal touch that wins them over in a bidding war.
Gloria Singer on