How To Win A Bid: Real Estate Bidding Wars Strategies
Dianne Mills reacts to getting the winning bid on a home as she attends the Fannie Mae foreclosed home auction at the Miami Beach Convention Center on August 14, 2010 in Miami Beach, Florida. Fannie Mae is holding private and public community homebuyer auctions and has contracted with Real Estate Disposition, LLC and New Vista to manage the auctions. Fannie Mae's first community auction took place in Phoenix, Arizona, and auctioned 85 properties and generated $2.95 million. (Photo : Joe Raedle/Getty Images)
Real estate bidding wars can be ugly, but if you're using the right strategies, you can come out as the winner without having to multiply your offer. You don't have to beg or fight, you just got to strategise. Bidding can never be ideal, but you have to do all that you can to make sure you win.
How To Win Real Estate Bidding tip 1:
Offer to pay the deposit in cash.It may mean having to drop a big amount of money which may arguably be unwise, but it is a smart tactic to put you first in line. Other buyers who don't pay the deposit in cash can inconvenience the seller once they don't get approved for financing. So if you can pay in cash for your deposit, it means that you're reliable and it would be great for the seller if he/she can get paid quicker. If you have the ability to pay the deposit straight cash, go for it. Besides, that amount of money won't only assure your of the property, that money will also be a payment that you will eventually pay anyways. READ MORE