Learn How to Win a Bidding War from Tracy at ACG Funding
How to Win a Bidding War
There is limited inventory and high demand in today’s housing market. Under these conditions, potential home buyers may be facing stiff competition, which leads to bidding wars. Here are a few tips to help you secure your dream home.
Winning Strategies for Home Buyers
- Get Pre-Approval from a Lender
You can shop with confidence by getting full pre-approval for your mortgage financing. This allows you to tour homes that you know you qualify for, and pre-approval sends a clear signal to the seller that you’re serious about making an offer. - Bid Above the Asking Price
If you have the ability to offer more than the asking price on the property, you may be able to squeeze out other potential buyers. - Add an Escalation Clause
In a seller’s market, the seller is likely to get multiple offers. By adding an escalation clause to your bid, you agree to raise your offer. This details the maximum amount that you are willing to pay, and how much your offer increases with each competing bid. The seller is required to provide proof of competing bids, to protect you from overpaying.
These are just a few tips to get you started! My team and I specialize in finding the right loan program to meet your specific needs. If you – or anyone you know – needs a qualified mortgage professional to obtain pre-approval, please give me a call. We’re here to help you every step of the way!
Best regards,
Tracy Shaw
Senior Loan Officer NMLS # 913749

PixCake
Direct: 626.758.0588
Fax: 888.800.7629
Email: tracy.shaw@acgfunding.com
444 E Huntington Dr. #308 Arcadia, CA 91006
www.acgfunding.com