• The bidding war is back! While not every local real estate market is experiencing bidding wars, some home buyers find themselves competing for houses because of a lack of homes for sale in their desired neighborhood.
  • To compete in a bidding war, buyers need to prepare financially for the home purchase.  They have to familiarize themselves with property values in their target neighborhoods,  and they must know what they want.
  • While offering the most money might seem the best way to win a bidding war, sellers don’t always choose the highest offer.  Instead, sellers often prefer offers that are most likely to go through and that meet their conditions.
  • Many real estate agents suggest buyers talk to a lender and have all of their finances squared away before beginning the house hunt.  By completing everything the lender requires, buyers can get a preapproval letter before submitting an offer, making their offer more valuable.