Three ways to win a bidding war on your next home purchase
In a competitive housing market, home sellers are fielding numerous offers, especially in popular cities and neighborhoods. Whether you’re a first-time homebuyer or a seasoned property investor, it can be tough to make offer after offer with no success.
However, there are key things you can do to help ensure your time house hunting for homes is well-spent and to increase your chances of getting your offer accepted.
All-cash offer
The most effective way to increase the chances of your offer being accepted is to make it in all cash. Cash offers drastically simplify the homebuying transaction, making things easier for both parties involved.
Waive the financing contingency
A contingency is an action needing to be completed before the contract becomes valid and the sale of a property becomes final. There are numerous contingencies found in a real estate contract; however, the most standard are for inspections, appraisals and financing.
If you intend to use a mortgage loan to purchase a home, a financing contingency protects you in case you aren’t able to secure the loan in time. In other words, you’ll be off the hook for a home you can’t pay for.
In some special situations, a buyer may decide to waive the financing contingency, to signal to the seller there won’t be any delays regarding paying for the property.
Letting a seller know you’re willing to drop this contingency can make your offer more appealing than competing offers, increasing the chances of your proposal being approved.
Crafting a personal letter
Sometimes to win a bidding war, you need to get on the good side of the seller. Take the time to write them a personalized letter explaining what you love about their home and why it’s perfect for your household.
Avoid disclosing significant changes you’ll make, as this may signal to them that you don’t appreciate all their home has to offer and may undermine some of their emotional connection to the property.
Working closely with your real estate agent, you can implement these techniques and increase the chances of winning a bidding war.
About the Author
Daniel Martin, Higgins Group Private Brokerage, Licensed in CT, Lic. #RES.6767971
With over two decades of experience in Connecticut real estate, Daniel Martin is a seasoned Realtor at Higgins Group Private Brokerage, renowned for his exceptional market insight and unwavering client dedication. A lifelong Connecticut resident, Daniel's deep roots in the community, coupled with his extensive professional background, provide an invaluable advantage to both buyers and sellers across Fairfield and New Haven Counties.
Daniel's distinguished career is marked by consistent achievement, earning him the prestigious Connecticut Magazine 5 Star Realtor award from 2014 to 2025. He is a perennial Top Producer, recognized as both a Top Listing Agent and Top Selling Agent, a testament to his strategic approach and keen understanding of market dynamics. His expertise spans a broad spectrum of real estate needs, including guiding First Time Home Buyers, navigating transactions for Single and Multi-Family Homes, Land, New Construction, New Residential Developments, Condominiums, Downsizing, and Rentals.
Beyond his impressive track record, Daniel's professional affiliations include memberships with the National Association of REALTORS (NAR), Connecticut Association of REALTORS (CAR), Bridgeport Board of Realtors, Smartmls and Greenwich MLS. His foundational education in real estate from Naugatuck Valley Community College, complemented by studies at Connecticut School of Electronics and Housatonic Community College, underpins his comprehensive understanding of the industry.
Daniel's unique blend of customer service acumen and technological proficiency sets him apart. He leverages every available marketing resource to ensure his clients' homes gain maximum exposure and stand out in the competitive market.
When not orchestrating successful real estate ventures, Daniel cherishes time with his family, including his wife, two children, and four grandchildren. A passionate musician and golf enthusiast, he embodies the vibrant spirit of the Connecticut communities he serves. Daniel's network extends globally, allowing him to facilitate referrals anywhere in the world.
