Wednesday, February 20, 2013

Win the Bidding War on Your NOVA Home!

It appears that bidding wars have snuck back in to the Northern Virginia real estate market. Now that home buyers in the area feel more comfortable with entering the market, there is more competition for a smaller inventory, particularly since it’s the off-season. As one of the premiere real estate agents in Northern Virginia, part of my job is guiding my clients through their transaction and helping them through all phases. This, oftentimes, includes a bidding war.

If you’re facing a bidding war on your Northern Virginia home, don’t panic. There are a few ways that you can put yourself ahead of other buyers who might want to make an offer on the home, including:

Having a lender on call. If you’re pre-approved for a mortgage, it shows the seller that you’re both capable of buying a home right now and that you’re serious about going through with a purchase. Both are solid indicators of a successful transaction that will cause the home’s owner to take you more seriously as a buyer. You’d be surprised how many people don’t get pre-approved. This is definitely a way to set yourself apart.

Always have proof. A strong preapproval is great in theory, but in order to get the seller to really take you seriously, you’re going to have to show proof of funds with your offer. You should also offer a minimum of 20% down payment along with your offer. The home’s owner needs to be reassured that you have the funds to close and afford the down payment on this home, so have the necessary paperwork ready to go!

Move quickly. When you’re competing against other buyers, you don’t want to lollygag. Have you Northern Virginia real estate agent be on a constant lookout for new properties that go on the market, and have them take you to see those properties the same day they are listed, if possible. This will show your strong interest in buying. It will also give you a head start in making an offer.

Eliminate issues ahead of time. If you’re open to inheriting a house that might require some work or repairs, try to waive certain contingencies in the contract, like the need to repair issues in the home before closing. This would put you in a stronger position in a bidding war.

These are just a few of the ways to outshine your competition during a bidding war on the NOVA home of your dreams. If you need more guidance and advice, don’t hesitate to contact me. I’d be happy to help you! Remember: the key to a successful real estate transaction is staying ahead of the curve and working with the right professional. I hope to hear from you soon!


Earle Whitmore
Long & Foster Real Estate, Inc.
Visit Our Website
View Northern Virginia Homes for Sale
Become Our Facebook Fan
Follow Us On Twitter
Connect With Us On LinkedIn
Contact Us

No comments:

Post a Comment