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Easy Ways to Get Through a Bidding War

Use These Tips to Win a Bidding War

Buying a home can be a tricky process to go through, and a bidding war can make it even more frustrating. If this is your first time encountering something like this, use the tips below to give it your best shot.

Make Your Best Offer

If you know other buyers are interested in the property, you want to be sure your first offer is a competitive one. Making a low-ball offer can make the seller take you out of the running right away, so avoid doing this completely. As you prepare to make a solid first offer, keep in mind that you should still stay under your budget limit. Offering more money than other potential buyers will get you the right sort of attention, but you don't want to spend more than you can afford.

Consider an Escalation Clause

An escalation clause is a great way to make a competitive offer without going overboard. This is basically a clause you can add to your offer where you tell the seller that you're willing to pay a certain amount over their highest bid to a certain limit. You can decide how much more you're willing to pay over their highest offer and what your limit is so that you can stay under budget as well.

Show You're Serious

Sellers will want to see that you're serious about acquiring their property. The best way to do this is by getting pre-approved for a mortgage. This will let buyers know you're financially ready to buy a home and that you're already making moves to get a loan.