In today’s real estate market, inventory is low, competition is fierce, and other buyers are willing to do whatever it takes to secure a home. As a result, bidding wars are becoming more and more common and buyers can easily find themselves in a multiple offer situation.
The Estridge Group has decades of experience to help you get through a bidding war in Metro DC real estate and we’ve included a few of the best tips for local buyers in Chevy Chase, Washington DC, Bethesda and the surrounding communities below!
Set Emotions Aside
In a bidding war, it’s best to set your emotions aside. We know all too well how easy it is to fall in love with a DC area home, get your hopes up, and then quickly become disappointed when things don’t work out in your favor.
Get Pre-Approved
One major aspect of buying a home successfully is getting pre-approved for a mortgage. Not only does this show you’re a qualified buyer, but will allow you to act quickly in this highly-competitive market. During the pre-approval process, lenders will review your income, assets, and credit scores to determine how much you can borrow. You will need to provide other documentation like bank statements, pay stubs, and tax returns to finish this crucial step.
Wave Contingencies
The majority of sellers see contingencies as roadblocks to a smooth sale. For example, the mortgage contingency allows you to pull out of the deal if you can’t secure financing. Be sure you’re only waiving contingencies you are confident you can proceed without having in place.
The strongest offers will have waived all contingencies, but don’t be discouraged if you can’t waive all of yours. You can also strengthen your offer by limiting the seller’s responsibility for inspection-related repairs and other issues, which could ultimately push you to the front of the offer stack.
Write a Love Letter
Another strategy increasing in popularity is the “love letter” to the seller telling them how much you love their property and how it will be perfect for your family. Make sure you speak to your agent before writing once as, in some cases, they can raise fair housing law concerns.
Ready to get started on your home search in Metro DC? Give The Estridge Group a call today for a list of homes available in Washington DC, Bethesda, Chevy Chase, or Northern Virginia!
We look forward to hearing from you!
