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How To Win A Bidding War
When you’re buying a house, the last thing you want to happen is to get stuck in a bidding war. It’s easy to get carried away and end up going way over your budget, or missing out on your dream home and having to start back at square one.
Unfortunately, we are currently in a seller’s market, where bidding wars are very common.
Between inflation, the housing crisis and COVID-related delays, the odds are stacked firmly against buyers. Even getting to the stage of making an offer is far from easy, never mind being undercut by another buyer.
To clinch the win in a bidding war, you have to think outside the box — and in this guide, we’ve put together our top tips to help you do just that.
Strategies to win a bidding war
The housing market is in turmoil right now, with the demand far outweighing the supply.
When you find a house you love, chances are you’ll be in competition with several other interested parties — and you don’t know how much they’re willing to offer. That is why it’s so important to have a plan of action in place so that you can gain the upper hand.
Here are some of the best ways to do that:
Visit the property
This one seems obvious, but some people don’t even visit the property before putting in an offer.
By going to view it (more than once if possible) and taking the time to make sure it’s right for you, you’ll show the agent that you’re serious about it.
Get to know the agent
Estate agents deal with dozens, if not hundreds, of enquiries every day. To the estate agent, these people are just names on a screen or sheet of paper.
If you can get to know the agent on a personal level, they’ll be able to put a face to your name and this will help you to stand out.
Make a higher offer
Offering more money is a great way to win a bidding war, but be mindful of your maximum budget. There is no point in securing your dream home if you can’t afford to furnish it!
Work with your agent to find the best solution for you, and be prepared to walk away if the bidding gets out of hand.
Have your paperwork in order at all times
To keep things moving smoothly and avoid potential delays, make sure you have your mortgage approval documents in place before you make an offer.
Make an odd-numbered bid
If it comes down to making a final offer, try making an odd-numbered bid.
This strategy can be very effective because it looks like you’ve scraped every last cent together and you’re throwing it all at the seller because you want this house.
Write a personal letter
Most sellers feel emotional about leaving their home and would love to know that it’s going to someone who will take care of it and make lots of happy memories there. That’s why writing a personal letter to the seller can give you an advantage over other bidders, and can make your offer mean more than just a number.
You can tell them some personal details about you and your family (or the family you hope to have one day), why you’d love to live here and what it would mean to you to get the house.
Also, if your offer is on the lower end for a reason, it can be helpful to explain why. After all, the seller is human and has problems just like everyone else.
One thing to bear in mind, however, is that this strategy only stands a chance of working if the seller is a regular person. An investor’s top priority is always going to be their bottom line, so they are highly unlikely to be moved by an emotional appeal.
Your impartial mortgage advisor during a bidding war
At Symmetry Financial, we pride ourselves on being a source of authority on mortgages.
We know how challenging it can be to navigate a seller’s market, so we are here to explain everything in simple language, giving you the confidence to make informed decisions at every stage of the process.
We want to help you outbid the competition and secure your dream home, so get in touch today for no consultation fee mortgage advice.
Don’t forget to also check out our blog and resources for the latest mortgage-related tips and trends so you can stay one step ahead of the competition!
If you’d like a free, no-obligation consultation for your mortgage, pension or financial needs, get in touch here, call us on 01 6831673 or email us directly on info@symmetryfinancial.ie.
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