Bidding wars are tough—but the right strategy can tip the scales. Learn how preparation, strong offers, and smart contingencies can help you come out on top.
Before you even enter a bidding war on a house, there are some strategies you can enlist. Financial planning, hiring the right professionals, and having a long-term objective mindset, for example, will go a long way in reaching your goal.
But when you’re in the thick of negotiations, what can you do to ensure you win the day? In this tight market, preparation will make the difference between losing and winning your dream home.
Mortgage Preapproval Letter
According to Rocket Mortgage, sellers will consider your offer more legitimate if you have mortgage preapproval. A preapproval letter estimates how much you can borrow and shows the seller you’re a serious buyer, increasing the likelihood your offer will go through the mortgage process.
Anne Johnson
Author
Anne Johnson was a commercial property and casualty insurance agent for nine years. She was also licensed in health and life insurance. She went on to own an advertising agency, where she worked with businesses. She has been writing about personal finance for 10 years.
