How to make an offer the seller can’t refuse

It’s a home shopper’s worst fear: being outmaneuvered by a rival buyer.

Few things are more frustrating than making an offer on your dream home, only to have a savvier buyer snatch it out from under you.

But there are strategies you can use to improve your odds in a bidding war.

One involves an all-cash transaction. Another suggests writing a letter to the home seller. The third calls for waiving a real estate contingency.

But make sure you get pre-approved before doing any of these things. Bidding strategies are no good unless you — and the seller — know you can really afford the house.

Get pre-approved before you make an offer on a house (Dec 11th, 2019)

3 strategies to beat the buyer competition

A brand new study by Redfin revealed three key tactics for winning a bidding war and beating out another home buyer:

  1. Offer all cash — This strategy was found to improve a competitive offer’s chance of success by 206%. That’s up from 97% measured in 2017
  2. Write a personal letter to the seller — Doing so can improve your likelihood of success by 59%. That’s up from 52% in 2017
  3. Wave a financing contingency — This tactic can improve your odds by 20%. But that’s actually down from 58% in 2017

Two other strategies — conducting a pre-inspection and waiving the inspection contingency — were found to not really improve a competitive offer.

Come with these strategies and a low mortgage rate in hand, and you’re set to make a winning offer on your dream home.

Find a low mortgage rate today (Dec 11th, 2019)

Make an all-cash offer. Improve your odds by 206%