Here are some tips from CNBC’s Diana Olick on how to help your clients win a bidding war in this hot market of ours.
1. Get your financial house in order and get as much cash as you can carry – Get pre-approved and/or bring as much cash to the table as possible.
2. Come in fast and strong – Be the first offer, but don’t be insulting.
3. Escalation clause – This is an amount of money the buyer agrees to increase his/her offer, if there are other bids.
4. Pre-inspection – Ask to do a pre-inspection before submitting an offer.
5. Show the love – If you love the house, then let the seller know that, either directly or through your real estate agent.
6. Be smart, not sappy – Don’t overpay because you get all wrapped up in the heat of the competition.
Read the full article at CNBC.