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Winning the Bidding War: Tips for Navigating the Home Buying Process

Friday, March 24, 2023   /   by Michael Szakos

Winning the Bidding War: Tips for Navigating the Home Buying Process

If you're in the process of buying a home, you may find yourself in the midst of a bidding war. A bidding war occurs when multiple buyers are interested in the same property and they make competing offers to try and outbid each other. While it can be exciting to be in a bidding war, it can also be stressful and overwhelming. Here are some tips to help you navigate a bidding war during the home buying process.

Set your budget and stick to it. It's important to have a clear idea of how much you can afford to spend on a home before you start bidding. Don't let the excitement of a bidding war push you to spend more than you can afford.

Be strategic with your offer. Consider making an offer that is slightly above the asking price, but not so high that you're stretching your budget. You may also want to include contingencies in your offer, such as a home inspection or financing contingency, to protect yourself in case something goes wrong.

Keep your emotions in check. It can be easy to get caught up in the excitement of a bidding war, but try to stay calm and logical. Remember that you're making a financial decision, not an emotional one.

Consider adding an escalation clause to your offer. An escalation clause is a statement that says you're willing to increase your offer up to a certain amount if another buyer makes a higher offer.

Stay in communication with your real estate agent. Your agent can help you navigate the bidding war and provide guidance on the best course of action. Be sure to stay in regular communication with them throughout the process.

By following these tips, you can increase your chances of winning a bidding war and securing the home of your dreams.

If you're in the market for a new home, be sure to order our free special report entitled "6 Things You Must Know Before You Buy." This report was written by real estate industry experts and provides valuable insights into the home buying process. Click here to order your copy today!
Team Szakos
Michael Szakos
1893 Knoll Drive
Ventura, CA 93003
DRE# 01473073

Based on information from California Regional Multiple Listing Service, Inc. as of March 28, 2023. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
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