E177: How to win in BIDDING WARS in 2023 – Part 3

Alright, folks, David Sidoni is here for the last part in his three-part mini series about BIDDING WARS. Check out this final installment to learn all about getting loans, making your offer stand out to sellers, and how to navigate buying a newly built home. 

Here are some takeaways from today’s conversation:

• Why waiving an appraisal could speed up the process
• How you present the loan in your offer
• How to sweeten the deal without changing the price
• Why buying new homes is just as challenging

Episode Highlights:

[0:59] Loan Tricks You Want to Know

One way to sweeten the deal and get ahead in the bidding process is by waiving the appraisal. This happens after the sale and is really for the lender to make sure they don’t overpay for this home. But, you can use this little bureaucratic hoop to help you make sure you get the home and not overpay in the war. But, this can get pretty complicated, so it’s VITAL that you check with your unicorn team first. 

[17:37] Offer Profit Elsewhere

When it comes to making a great offer, price is not the end-all be-all. Instead, think about other ways that you can make your offer stand out and give them more profit all without changing the purchase price. A seller doesn’t get all the money from a sale - they have tons of fees here and there that they need to pay in order to complete the sale. By offering to take on some closing costs, you can make sure the seller is taking home more of the sale price, therefore ensuring they walk away with more PROFIT.

[20:29] Buy New Doesn’t Avoid the Bidding Wars

So, you want to avoid the bidding wars entirely so you just figure, “I’ll buy a new home!” Well, bad news. Builders are not nice and make the process even worse for you, the realtor, and everyone - especially first-time home buyers. They set up these lottery systems and hide a lot of fine print.  That stinks!. So, make sure you have a realtor that will protect you!