“But I don’t want to get into a bidding war.” Does this sound familiar? If you have this concern, you’re not alone. And it’s the reason for this article!
Most people associate “bidding wars” with spending more than the market would say a home is worth. Often, the thought of this is enough to prevent somebody from putting an offer on a home when there’s already a competing offer. It’s important to know that just because there’s more than one offer doesn’t necessarily mean that you’re going to overspend.
Before ruling out the idea of submitting an offer, have your Realtor do their due diligence to inform you of what the actual value of the home is (which can often be very different than the listed price). Then compare that to your budget and put your best foot forward. You never know what other people are going to be offering. In fact, the home may end up selling for less than the asking price still.
We’ve been in situations where the original offer backs out when they find out that another offer is coming! Sometimes quick action will scare other buyers off, giving you a leg up in the negotiations.
At the end of the day, don’t let a potential bidding war get in the way of you owning your dream home.
Be sure to check out episode #2 of KT Quick Tips (located below) for more on this topic and subscribe to our Youtube channel for 200 quick tips along with more content coming regularly.