How to Win at Real Estate Bidding Wars

Real Estate

Once you find the right house and make an offer, it’s just a short hop to closing day and getting the keys, right? It may be the straight forward, but don’t be surprised if you reach a bump in the road to home ownership that is caused by a bidding war. Someone else may feel that your dream house is just perfect for them and place a competitive offer. Which of you will get the attention of the buyer and win the bidding war? Follow these recommendations and increase your chance at walking away with the keys.

Get ahead of the game by applying for a home mortgage loan pre-approval. This isn’t the same as pre-qualification, which simply confirms income and provides a mortgage estimate. A home mortgage pre-approval shows the amount of money the lender is willing to supply once you find a property to purchase. It’s a solid commitment from the lender that shows you’re serious about purchasing a home.