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A Sellers Guide To Bidding Wars

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A Sellers Guide To Bidding Wars

A Sellers Guide To Bidding Wars

Are you worried about dealing with a bidding war for your property? Reef Realty is here to guide you through the process.

In a bidding war, several potential buyers make competitive offers to outbid each other, driving the price up beyond the asking price. However, the highest bid may fail to win the deal. Some buyers might use other tactics to sway your decision, such as offering to waive certain contingencies or inspections. At Reef Realty, we can guide you through the complexities of a bidding war and help you make informed decisions to secure the best deal for your property.

Here are some tips to help you navigate a bidding war when selling your property:

  • Be aware of your home’s value and appraisal, which may affect the buyer’s ability to secure a mortgage.
  • Compare closing dates, as a faster closing may be a decisive factor if you need to move out quickly.
  • Consider the buyer’s overall financial strength, not just the offer price. You want to ensure the buyer can get approved for the mortgage amount or put up more of their own funds if necessary.
  • Prioritize cash offers. A buyer who pays in cash eliminates lender delays or complications.
  • Review any “extras” like contingencies or escalation clauses that may enhance the offer.

We understand that bidding wars can be overwhelming, but you can come out on top with the right team on your side. Contact Reef Realty today to get started on your home-selling journey.