Looking to buy in a hot market? It's possible that you could end up in a bidding war for the property you want. In addition to offering more than the asking price, here are a few tips to give your offer a competitive edge.
Have everything you need in place. Get approved for financing and set aside your down payment. If you have to sell a home, consider waiting until after your home sells before making any offers.
Show Them You Are Serious
Increase the earnest money to show the sellers you aren't going to get cold feet after the bidding war is over. The last thing they want to do is put their home back on the market after a deal has fallen through.
Let the sellers know that you are flexible about terms, such as move-in dates and inclusions. If possible, have your agent find out as much as possible about the seller's needs before making an offer so you can offer exactly what they want.
Try to write an offer with as few conditions as possible. One strategy is to have a home inspector accompany you on subsequent viewings of the home you are considering so a home inspection may be excluded from the conditions.
Introduce Your Family
Have your agent tell the sellers about your family and why you chose their home. Creative buyers have written personal letters to sellers, including photos of their family and even artwork created by their children.