E176: How to win in BIDDING WARS in 2023 – Part 2

David is back and he’s continuing in his discussion about preparing yourself to win your first home in a bidding war with multiple offers. If you haven’t listened to the first episode, go listen to that one and then jump back here. Already listened to it? Great! David is wasting no time and starting right back where he left off. Let’s get to it. 

Here are some takeaways from today’s conversation:

• David’s tips to make yourself stand out
• Why it’s important that you and your realtor know the area
• List price vs. sale price vs. sold price
• Your OFFER and loan tricks

Episode Highlights:

[02:21] Know How to Navigate the Market

After building your super strong support team, then you can get ahead by starting to look at homes on Zillow. But, there are a few things you need to know before looking that will make the bidding process go a lot smoother. The first thing is to make sure that you and your realtor have a good idea of home prices in your area so you know how much homes are going for. The second is understanding the difference between list prices, sale prices, and sold prices. List prices are garbage! 

[08:48] What the Sellers Are Really Looking For

Picture this scenario: a realtor is selling a house and has 18 offers in one day. This person needs to pick the top 5 offers to show the seller so they can make counter offers. This realtor is flipping through them and sees the name of a unicorn realtor that they’ve had dealings with before and who has a great reputation and has a track record of making everyone happy… and then a bunch of other offers from other folks. Who do you think they’ll pick? THIS is why it’s so important to pick realtors who know what they’re doing and have been doing it for a long time. 

[10:41] Bidding Tips and Tricks From David

There’s a lot to unpack in this section, but here are a few highlights and tips you’ll want to know:

• You really can’t overpay on an offer as long as you retain your appraisal contingency.
• Your offer needs to be presented professionally and correctly in order to really be considered by a seller’s agent.
• Never offer a round number.
• Max out your earnest money deposit.