Here's how to win a bidding war
Updated: Sep 1, 2023
You've searched for months, have secured a mortgage from a bank and now you've found your dream home. What can go wrong? Well, there is one thing standing between you and your home: other buyers.
You perfect home may be perfect for other people too and this can lead to bidding wars. Here are some strategies that can help you to win the war.
Have your documents ready
To start bidding the estate agent may ask for your mortgage approval document. This is given by your lender and it details some of your personal information, the confirmation that the lender has approved your mortgage and it specifies the amount you will be borrowing.
Make the biggest offer
This may sound obvious but many people who offer the highest amount win the properties... but not always. Always keep your maximum budget in mind and don't offer more than you can afford. Bidding wars are stressful and can be very emotional, so make sure you know your limit and when it's time to walk away.
Write a personal letter
Many sellers feel sad about leaving their home and want to pass it to someone who can also make great memories there. Writing a personal letter can show how you will use the home and what an asset you are to the community. We suggest writing some details about yourself, why you love the property, why you want to live in the area and mention why your offer may not be the highest.
And finally, be available
Bidding wars can sometimes move very quickly. Keep an eye on your phone and emails so you don't miss any updates from the agent.
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