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21
Jul
Buying Tips

Are you Prepared for a Bidding War?

Robert J. Ott
July 21, 2021

ARE YOU PREPARED FOR A BIDDING WAR? In our San Antonio housing market today, it’s not enough to quickly make an offer on a house you just discovered. You’ll likely face competition from at least 5-10 other buyers.

To improve your odds of winning a bidding war, we’ll need to plan your approach days or weeks in advance with a Re/max realtor. Preparing a strategy is vital because you might have just a few hours to respond during a back-and-forth negotiation with the seller. Here’s how you can get an edge on your competition.

REMOVE SOME OR ALL CONTINGENCIES

If you’re in an intense bidding war, you can get an edge by removing all or most contingencies. (Inspection, financing, etc…) This is something that you must discuss with your realtor and lender before deciding to choose this option.


INCLUDE AN ESCLATION CLAUSE
An escalation clause lets you increase your bid to avoid being outbid by another buyer up to a specified amount.

UP YOUR EARNEST MONEY
Putting more than 1% down shows the seller you’re serious about the home.

BE FLEXIBLE WITH YOUR MOVE-IN DATE OR OFFER A RENT BACK TO THE SELLERS.

If you’re frustrated with the market, we’d LOVE the opportunity to sit down with you to put a buying strategy in place to help you win a home this year!

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