Charleston Real Estate - Bidding War Tips
Tip #1: Put your best offer in immediately.
In this hot Charleston Real Estate market, sellers are less inclined to negotiate their asking price because, well, they don’t have to. There will be other buyers out there that will be more than willing to put in a higher offer.
Tip #2. In a bidding war, choose between the following:
Conventional (20% , 15% , 10% , 5% , 3%)
Majority of the time, a seller is going to look for the highest down payment, so the higher your down payment, the chance you will be outbid are less. Cash is king especially in this Charleston Real Estate Market! Sellers are more likely to favor buyers who pay in cash. If using a low down payment loan option, you can outbid higher down payment buyers with a higher offer.
Tip #3. Only ask for closing cost credit or minimum amount if you have to.
If you give a higher offer but try to offset it by asking for a closing cost credit or minimum amount, you won’t be as desirable and your offer will become less competitive with others. Sellers like clean offers. If you can afford it, avoid asking for any credits.
Tip #4. Give at least 1-2% of the earnest money.
If you can afford it, this is a great way to earn brownie points with the seller. Not only will this extra deposit prove you’re a financially solid buyer, but you’ll be able to use the extra cash deposit as a leg up when competing with other buyers with the same loan type.
Tip #5. Include a personal letter to the seller.
You will find that sellers are just as emotional as buyers. A lot of sellers feel good that their home will be passed onto a buyer who is excited to purchase their home. It’s almost a form of flattery!