Get new listings emailed daily! SIGN UP LOGIN
Laffey Knows Long Island Living Home

Agent Promotion | 3 Posts
Agent Spotlight | 3 Posts
Awards | 3 Posts
Laffey Knows | 172 Posts
Market News | 1 Posts
Outside the Box | 23 Posts
Recognition | 2 Posts
Sell Your Home | 1 Posts

Subscribe and receive email notifications of new blog posts.




rss logo RSS Feed
Things to Do | Historic Homes | Transportation | Best Beaches | Laffey Real Estate | Long Island Real Estate | Suffolk County | Nassau County | Historic Landmarks | Montauk Lighthouse | Buy Luxury Home | Luxury Living | Luxury Lifestyle | Citi Field | New York Mets | Family Fun | Kensington | University Gardens | Great Neck Gardens | Great Neck NY | Forest Hills | Queens Real Estate | Queens homes for sale | Oheka Castle | Realtor | Real estate agent | Golf Courses | Local businesses | Local attractions | Restaurants | Area information | Community Events | Homeowner Tips | holidays | Open house | Home improvement tips | For sellers | Local wineries | Area photographers | For families | Fitness centers | New Year's resolutions | For Buyers | Mortgage | First-time Buyers | Buy a House | REALTORS® | Real Estate Agents | Agent Recognition | Agent Awards | Careers | Top Producer | Oyster Bay | Charitable Events | Curb Appeal | Home Seller Tips | Festivals | Real Trends 500 | T3 Sixty | Mega 1000 | vidbits | General news | Sell Your Home | Relocation | LeadingRE | Moving | Breast Cancer Awarness | Personal Health | Inherit a House | Senior Community | Downsizing | Luxury Portfolio | Leading RE | Follow The Orange | Social Media | Homebuying tips | Gated communities | Finance a home | Queens County | Landscaping | Online classes | For Owners | Home Tech | Virtual Tour | Gardening | Home Maintenance | Melville | Philip Laffey | Mark Laffey | Fernand Leger | Steve Schappacher | Shappacher White DPC | Donnamarie Chaimanis | Long Island Press | James Gavin | Pauline Conti | Virtual Home Showing | Virtual Open House | Huntington | Bakeries | Northport, NY | Port Washington, NY | Smithtown, NY | Levittown, NY | Rockville Centre, NY | Offers | Farmingdale, NY | Babylon, NY | Astoria, NY | Long Island City, NY | Albertson NY | Atlantic Beach NY | Bayville NY | Bellmore NY | Brookville NY | Carle Place NY | Centre Island NY | East Hills NY | East Williston NY | Glen Cove NY | Glen Head NY | Hempstead NY | Hewlett NY | Hicksville NY | Jericho NY | Lattingtown NY | Laurel Hollow NY | Locust Valley NY | Manhasset NY | Matinecock NY | Merrick NY | Mill Neck NY | Mineola NY | Muttontown NY | North Hills NY | Oceanside NY | Old Westbury NY | Plandome NY | Roslyn NY | Roslyn Estates NY | Roslyn Harbor NY | Roslyn Heights NY | Sands Point NY | Sea Cliff NY | Syosset NY | Uniondale NY | Upper Brookville NY | Westbury NY | Williston Park NY | Woodbury NY | Amityville NY | Asharoken NY | Centerport NY | Commack NY | Deer Park NY | Dix Hills NY | East Northport NY | Fort Salonga NY | Hauppauge NY | Huntington Bay NY | Huntington Station NY | Kings Park NY | Lloyd Harbor NY | Lloyd Neck NY | Nissequogue NY | South Huntington NY | Stony Brook NY | Wheatley Heights NY | Wyandanch NY | Bayside NY | Bellerose NY | Briarwood NY | College Point NY | Douglaston NY | Elmhurst NY | Floral Park NY | Flushing NY | Fresh Meadows NY | Glen Oaks NY | Jackson Heights NY | Jamaica NY | Jamaica Estates | Little Neck NY | Malba NY | Middle Village NY | Queens Village NY | Rego Park NY | Richmond Hill NY | Rockaway Beach NY | Springfield Gardens NY | Sunnyside NY | Whitestone NY | Central Islip NY | Cold Spring Harbor NY | Copiague NY | Saint James NY | Staging | Parades
May
31

Bidding War Buyer's Guide - Laffey Real Estate

Bidding wars occur when housing inventory is low in a popular location. It occurs when two or more buyers are interested in the property. As a buyer, it's not advisable to rely solely on the seller's agent when you find yourself in a bidding war; you should have your own home-buying pro. Our real estate agents are ready to negotiate on your behalf to help you navigate this tricky process.

In today's competitive market, houses in all locations and price ranges are receiving multiple offers, and bidding wars are becoming a lot more frequent. Sometimes, a listing can be purposely underpriced to trigger a bidding war. One of the primary reasons longtime home searchers find it difficult to close on a home is because they end up outbid repeatedly.

So, how do you win a bidding war? Here are a few tactics to make your offer stand out.

  1. Have Your Preapproval in Hand Before You Start House Hunting
    There are many benefits to getting preapproved for a mortgage. For one, you know how much you're allowed to borrow, so you can search for homes within your price range. Preapprovals also prove to sellers that you have the financing to afford their home. Considering most sellers won't entertain offers without proof of financing, you'll have a better chance of getting an offer accepted.

  2. Make the Highest Offer
    Money talks. Being willing to pay more money than other buyers is the best way to win a bidding war. Also, you can gain an edge over your competitors by upping your earnest money deposit. It'll show the seller that you're serious and intend to comply with the terms of the purchase and sale agreement.

    That's not to say you should go beyond your budget. Finding a home in a seller's market can be stressful, and emotions can run high during a bidding war. Working with a real estate agent you trust means you can increase your offer without overpaying. Your agent can also use the local market balance to determine the best price to pay to help you secure your home and save some money in the process.
  1. Make Your Offer Personal
    Sometimes, it's not just about the money. Selling a home is as big a step as buying one. Most sellers love the idea of passing their home to someone who will cherish it as much as they did. After all, homes hold memories.

    A heartfelt letter to the seller detailing who you are and what buying their house means to you could considerably increase your chances of winning a bidding war. It leaves a lasting impression on the seller and doesn't cost a thing.
  1. Pay It All in Cash
    Are you able to offer an all-cash offer? If so, you should do it. It's one of the best ways to get the seller's attention. An-all cash deal means they don't have to worry about you running into problems with financing. It also saves everyone time as it speeds up the closing process.

    Here's a tip: Make sure to have the property inspected and appraised beforehand to avoid any after-purchase regrets.
  1. Drop the Contingencies
    Stale listings attract fewer buyers and are likely to experience a price reduction. So, sellers don't want their homes to sit on the market for too long. They also don't want to have to go through the trouble of re-listing just because a contingency stopped a sale in its tracks.

    Waiving some contingencies shows a seller that you're willing to move forward with the purchase. However, waiving the inspection contingency is never a good idea as you could end up paying a fortune in repair costs.

Work with the Right Real Estate Agent

Having an experienced real estate agent from Laffey Real Estate by your side is an invaluable asset in a seller's market. They can help reduce some of the stresses of buying a home and ensure a smoother closing process. Contact us to help you find your dream home on Long Island. We'd love to walk you through your home-buying journey.

Login to My Homefinder

Login to My Homefinder