So you found the home of your dreams and you can well afford the asking price, but there’s a problem: At least fifty other buyers are competing to outbid you!
You’re not alone in this. There are tons of home buyers right now who have fallen in love with a house and are crossing their fingers that their bids will win. Like most of them, you might be wondering how you can set up your offer to stand out from the rest. You’re asking, “Is there anything I can do to ensure I win?”
In my thirty years buying and selling homes, I have learned that there are indeed a few concrete ways a buyer can optimize their bid, increasing the chances of winning — and I’m going to share some here.
Note that each of these is an option and shouldn’t be applied in every case. There’s no “One Size Fits All” method to the bidding process. Each of these is something to consider when putting together your bid:
- Take Out All Contingencies: Getting rid of the “walk-away” clauses in your deal is risky, but if you’re sure that this is the home of your dreams and you’re ready to do anything to own it, dropping the contingencies is undoubtedly a bold move that will get the seller’s attention.
- Offer to Pay Closing Cost on the Seller’s End: Not a traditional move, but if you’re trying to stand out above the rest and it’s OK for that to cost more, this is certainly an option.
- Offer to Pay Transfer and Recordation Taxes: Normally, these expenses are split 50/50, but what if you pay all of it? That could be a way to get noticed and break through the noise. Again, this increases the expense of purchase but if you have the budget and want to ensure you lock in the deal, here’s another option.
Bonus tip: If you need to do a rent-back, offer to give them a free rent-back.
With these considerations in mind, you’re ready to put together a golden bid offer.
However, you can do one more thing to help your odds of landing the home of your dreams: Get a highly experienced realtor on your team. That’s where I come in — I can help you navigate the deal and discern which, if any, of these strategies should be used and also to structure the most enticing bid-offer possible.