housing bidding war

4 Steps To Winning The Housing Bidding War

November 9, 2022

If you’re in the market for a new home, you may be wondering how to win a bidding war. With so many buyers and so few homes on the market, it’s no wonder that bidding wars are becoming more and more common. If you find yourself in a situation where you’re competing against other buyers for a home, here are four steps you can take to increase your chances of winning.

Get pre-approved for a mortgage

One of the best things you can do to increase your chances of winning a bidding war is to get pre-approved for a mortgage. This shows sellers that you’re serious about buying and that you have the financial ability to do so. Mortgage pre-approval is also an important negotiating tool that can give you an edge over other buyers who haven’t gone through this process. Thankfully, ABSM’s quick and simply online preapproval process makes it easy to get ahead of the competition!

Make your best offer up front

In a situation where there are multiple offers on the table, many sellers will choose the offer that’s the highest above their asking price. If you really want the home, it’s important to make your best offer up front and avoid getting into a prolonged negotiation over price. This approach also shows the seller that you’re serious about buying and gives them less time to entertain other offers.

Write a personal letter to the seller

One way to stand out from other buyers is to write a personal letter to the seller explaining why you want to buy their home. This gives them a chance to see you as a real person with real interest in their property, rather than just another number in a multiple-offer situation. Be sure to keep your letter short and sweet – the seller likely has dozens of other offers to sift through and doesn’t want to waste time reading pages upon pages of text from each buyer.

Have your agent work with the listing agent

If possible, have your real estate agent reach out to the listing agent directly and start working together early on in the process. This way, they’ll be able to get an idea of what kind of offer would be most likely to succeed and can even help facilitate negotiations between you and the other party. Getting everyone on the same page from the start can help avoid any misunderstandings or miscommunication down the line.

If you’re planning on buying a home soon, it’s important to be prepared for anything – including a bidding war. By following these four steps, you can increase your chances of success when competing against other buyers for your dream home.

Our passion for growing communities

Servicing the community is driven by our core values of commitment, integrity, and transparency. Many of our team members and most of our senior management have sat in every chair of the mortgage industry, providing us with a full understanding of the business from all aspects. This in-depth knowledge is what allows us to quickly and efficiently adapt to industry change, while constantly providing you with superior processes and first-in-class customer service.

We have leveraged technology to bring you a simple, straightforward, online stress-free mortgage application experience.

Connect With Us

Complete the short form below and one of our experts will contact you promptly.
  • **By clicking “Submit” I am agreeing to receive phone calls, SMS (text messages) and emails from American Bancshares Mortgage. I expressly consent to recurring contact from American Bancshares Mortgage, or its agents, at the number and/or email address I provided regarding products or services via live, automated or prerecorded telephone call, SMS (text message), or email. I understand that my telephone company may impose charges on me for these contacts, and I am not required to enter into this agreement as a condition of purchasing property, goods, or services. I understand that I can revoke this consent at any time. Terms & Conditions/Privacy Policy apply.

Your information is confidential
and will not be shared.