How to Win a Bidding War in Morristown, NJ

How to Win a Bidding War in Morristown, NJ

  • The Dougherty Group
  • 07/20/22

Bidding wars aren’t only dreaded by buyers; they’re equally dreaded by sellers, too. There are many factors when it comes to deciding on who to leave a home to, especially in today’s market. And as a buyer, there are many things you can do to ensure the seller is confident about your offer and takeover of their home. While most times it’s all about whose offer is greater (in simple circumstances), that’s not all you should focus on.
When push comes to shove, and your two offers are identical, what happens next? It seems like it’s all downhill from there — but the opposite is true! Luckily, winning a bidding war over Morristown real estate doesn’t have to be a burden, especially when it’s a home you adore. With a few tips and tricks and some hard work, you can land your dream home and win any bid you may find yourself in.

Do the work beforehand

Winning a bidding war over Morristown houses starts well before offers are even made. Getting ahead of the game and the other buyer(s) will give you a major advantage. Proper planning will inform you of the situation at hand before you step into the process.

Figure out what the seller is looking for

It’s easy to forget about the seller in a bidding war when you’re so fired up and focused on winning it. In the end, it’s the seller who will make the final decision, so why leave them out of the equation? To get inside their head, you’ll want to know a few things. Are they looking for a quick closing? Are they worried there might be an appraisal gap? Gathering the answers to these simple yet important questions will only navigate your next steps.

Get preapproved for a mortgage

Even if you don’t plan on getting a mortgage for your Morristown real estate, it’s always a good idea to show the seller that you’re still able to. Many insider agents actually encourage buyers to only house shop with a pre-approval. They act as a pre-qualification that lets the seller know that your offer and your claims are legitimate and that you’ve done the work. Showing interest in one’s home is one story, but being “verified” to buy it is a whole other playing field.

Stay flexible throughout the process

No matter the circumstance, selling a home is always easier than buying one when you need it. Being flexible about your move-in date or search will alleviate a lot of stress (and possible frustration) on the seller’s end. If it comes to selling to someone who needs to move in tomorrow versus someone with no date in mind, the seller will most likely choose the flexible buyer.
It’s always good to remember that your time isn’t the seller’s time, so you want to be mindful of their thought process. They simply might not be in a rush to sell their Morristown real estate, and that’s okay.

Seal the deal

Once you’ve done the work beforehand, it’s finally time to dive into the bidding war. The other party has put in their offer, and you’ve put in yours—what happens next? This is the last window of opportunity to make your move, and a strategic move at that.

Use cash

Nothing beats a cash buyer—absolutely nothing. No matter what is being sold or what is being purchased, cash will most likely take the lead in any bidding war. Homelight, a real estate referral company, reported that 31% of homes sold in February 2022 were cash offers. While not over 50%, that’s still a whopping number to take notice of. If you have the cash to purchase your dream home (and if you want it that bad), why not make an unbeatable offer?

Offer the seller concessions

Aside from using cash to purchase a home or getting on the psychological side of the bidding war, there are other things you can offer the seller to make your bid more attractive. Offering the seller concessions is easy to figure out and requires the bare minimum that sellers often dread anyway. Things like wavering your right to repairs and purchasing the home “as-is” will always be a major key highlight to any seller. Morristown houses come in all shapes, sizes, and ages, so offering such a prize will likely be eye-catching. 

Write a personal letter

While it may sound sappy and not that necessary, sometimes the most out-of-the-box ideas seal the deal. There’s always the possibility of the other party following your exact steps, so figuring out what else can set you apart is a key to winning a bidding war. Will they think of sending a personal note or letter to the seller, though? Most likely not. Letting the seller know how much you not only love the house but how the house benefits your life or lifestyle will make you stand out as the perfect candidate.
After all, the house was once the home of the seller, so don’t forget that they’re likely interested in who exactly will occupy their old space. Things like care, need, and general interest are all factors sellers think about when letting go of their home. Let them know why Morristown interests you and why purchasing their home is much more than a transaction. Anything counts in a bidding war, and going that extra mile will make all the difference in the end.

Have you got your eye on some of the available Morristown houses? Whether you’re anticipating entering a bidding war or not, there’s a lot of help you can get from partnering with the right expert. Agents like The Dougherty Group can help you not only find your dream home but help you navigate a tough buy if one should ever arise. Contact the team today to get started!

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