Posted by: Hewitt & Habgood Realty Group | February 6, 2017

5 Tips for Winning a Dallas Bidding War on a House

bidding-warWhen you get involved in a bidding war in Dallas, there are some ways you can go about winning it. With the right tips, you can put yourself in the house you want without losing the bidding war. Here are five tips to help you win the war.

Choose the Right Real Estate Agent

Winning the bidding war starts with the real estate agent. A seasoned professional with experience in the Dallas market is your best bet. This person is the one that will lead your team during a bidding war to ensure you don’t try to submit a bid higher than necessary, as well as know the nuances of the contract that sellers are looking for to make your offer the most attractive offer. You don’t just choose a Realtor for their knowledge but also their ability to negotiate the best deal for you. With over 78 combined years of experience the Hewitt & Habgood group has successfully closed over 2,322 transactions. We certainly have the track record of helping buyers achieve their dream of a new home, even in the most competitive circumstances.

Get the Right Lender

Often, your real estate agent can recommend a good lender. Regardless of the lender you choose, it’s necessary to get one that will be available when you need them. Sometimes, you have to get a pre-approved letter for a larger amount than you originally received during a bidding war. A local lender might just be the right choice.

Put Together a Plan

planGoing into a bidding war without a good plan may cost you more than you want to spend. However, with a good plan, you can submit the right offer helping to ensure you get the property for the right price. Often, it’s not time to try to save money when you go into a bidding war or cut corners.

If you’re trying to cut corners with your budget, you may want to avoid properties with multiple offers. However, those looking to win the war, need to work with their agent to put together a very attractive offer. This is your plan and if it’s as strong as you can make it, you might just win the war.

Avoid Contingencies

Sellers are more likely to choose the offer with the least contingencies during a bidding war. If the prices are all about the same, but one offer includes a contingency upon the buyer selling their home, the seller will probably choose a different offer.

It’s best if you can put in an offer with no contingencies at all. However, when this isn’t possible, make sure your offer is as strong as possible. What does a strong offer look like? Ask a Realtor!

Use a Hard Deadline

deadlineWhenever you want to win a bidding war, you need to use a hard deadline. This gives you the ability to move on to another property; if necessary. Make the deadline reasonable, but make sure you get a response from the seller by a certain date or the offer becomes void.

Getting involved in a bidding war can be a bit difficult, but with the right team you can win the war. Start with the right agent and you’ll have someone to help you submit the winning bid.

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