In our market, bidding wars are very common and often drive up the price of the listing; that’s why sometimes we aim to avoid it. The first thing that Fass Results does is we analyse the agent by doing a CRM and we are always study the current market price trends. We’ll have a good sense if the house is overpriced or underpriced.
With that information we are building a strategy personalized to each individual buyer, depending on their risk tolerance, timing in their search, and how much they LOVE the house (or on the flip side, OK playing it out and possibly moving on to another house). If it’s the “ONE”, we collaborate on how to submit an attractive package to the Seller to help avoid any competition.
OR if there ends up being multiple contracts, we’ll help advise how to WIN! And the contract it isn’t always about offering the highest price! We have helped Buyers win for $35K lower than other contracts and beat out all cash offers!
As you prepare to write a contract, put yourself in the seller’s shoes. What terms can you offer that would save them the hassle of worrying about reasons the contract may fall through. Consider making your contingencies more reasonable, for example. There are ways to protect yourself AND get the house of your dreams under contract for below the highest bid (secrets we reserve for our signed Buyers).
The real key is to be ready. Sign with your agent early, have all of your approvals in place so that you’re ready to act when the right property comes on the market. FASS Results has a lot of experience with multiple contracts and competing bids (beyond just offering more money) and will lend that expertise to your transaction.