MINT HILL, NC – The housing market is so hot that bidding wars are more common than ever before. If you’re planning to buy one of the homes for sale in Mint Hill, NC or the greater Charlotte area, you should know how to win a home bidding war.
Before you go into the home shopping phase, make sure you’re prepared. Getting the right local real estate agent will help, but let’s also look at some of the ways you can increase your chances of winning a bidding war.
Offer All Cash
If at all possible, make an all-cash offer. This will give you the best chance of winning a bidding war. According to a report from Redfin, it can increase your chances by 400%! While many buyers may not be able to use this tip, if you can, you should. Ribbon is a company that could potentially help with an all-cash option.
Waive Financing Contingency
It may not be the best idea, depending on your circumstances, but if you can waive the financing contingency. This will help to increase your chances of winning a bidding war by about 31%. Make sure you speak with your real estate agent before you waive any contingency, however.
Offer to buy the home ‘as is’
Another way you might be able to increase your chances is by offering to purchase the home ‘as is’. This tip can help increase your chances of winning a bidding war by about 25%.
You can still do inspections, but you would not ask for repairs or repair credits. If you are even considering this option, be sure to investigate the property very closely during your showing.
Along with the three strategies above, there are a few other tips to remember when you enter a bidding war:
- Get fully Pre-Approved – If you’re not already pre-approved for a mortgage, you stand very little chance in a bidding war.
- Offer More and guarantee your offer price – Of course, upping your offer can help you win a bidding war.
- Offer Closing Date Flexibility and/or a Leaseback to the seller – It might seem like a small thing, but flexibility on the closing date can make a difference.
- Offer a significant due diligence fee – however be aware that they are non-refundable if you don’t close.
There are many more ways to tip the scales in your favor when you’re trying to buy a house in Mint Hill or the greater Charlotte area. If you enter into a bidding war, you should be prepared. The house needs to be ‘the one” for you – you must love it. Otherwise, you will likely not put forth offer terms that stand a chance to win. This market is controlled by sellers, not buyers.
With a good real estate agent that knows the market, you’ll be in better shape. Your agent will be able to help provide even more strategies to ensure you have the best chance of winning a bidding war on the house of your dreams.
I would love to be part of your journey when the time is right for you. If you ever have a real estate question or need, or know someone who does, trust that you can turn to me. I will help you make the right move! Anna Granger (704) 650-5707 | email@example.com | www.1stchoicepropertiesinc.com