How To Win Bidding Wars in Nashville Tennessee


hey there Susan here … have you heard of a
bidding war? have you ever heard of someone or known someone or you
yourself been in a real estate bidding war? That’s what we call it -I want to
give you 4 key tips to never lose a bidding war again or best as
possible give it your best shot I’m Susan said for please let me know where
you’re coming in from and if you’re new to my broadcast please write a new in
the comments so that I can reach out to you a little bit later to thank you for
spending some time with me I have been in many circumstances in the last couple
months of bidding wars what does that mean that means your buyers are
devastated that’s what that means I’ve gone through so much emotions of writing
the offer and being so excited and truly it is draining emotional situation for
both the buyers who are trying to make an offer but it’s an emotionally
draining thing for your realtor or the realtor themselves because I gotta tell
you we put our heart and soul into helping people get their offer in to
find the perfect home for them and it is emotionally draining for everyone
involved so I want to give you four key tips of things you can do to give
yourself the best possible traction in getting your offer accepted and if you
know of anybody who’s thinking of getting on the housing market right now
or who is currently in it please pass it along to them their realtor I’m sure
knows all this but sometimes we just get really busy and it’s hard to do it all
at once so let me explain what a bidding war is give me a 2 if you’ve ever been
in one and we’re on the winning end of a bidding war cuz that’s pretty
exhilarating but it’s a roller coaster what is it
bidding war what that really essentially means is that there is more than one
offer on a particular home might be one more so you and there may be one other
offer on the table when the seller is sits down to decide what they’re going
to accept or counter or it might be as many as eight I’ve been in a situation
where there is many as eight offers all on the table for the seller to take a
look at and determine which offer they’re going to take nine times out of
ten no that’s not even true when you’re in a local offer situation like that
asking price is never going to get it it just isn’t so that’s something a given
if it’s a home that you want your asking price is the bottom dollar of where you
begin to make any kind of offers that’s just that’s not even a tip that the law
but so what you’ve got to do in that kind of situation and give me a three if
your city is in multiple offer situations right now this is the time to
really be talking about this because room februari this has been a warm
februari here in Nashville and so we haven’t really even had a winter and
we’ve been in multiple offer situations for the last several months screen time
is when things really do you up so get your game on right now if you find them
getting into that spring market so a multiple offer situation means that all
offers will be looked at at one time and the seller is going to be looking for a
lot of different things in their agents going to be helping them you know
basically want to get to which one is going to be at bottom dollar best knit
that and there’s so many other things just in the offer price that goes into
their net that’s a whole other conversation and I’m not going to get
there but that’s how it works they’re all laid out on the table if they decide
to do it this way they’re all of that at once
one offer might be accepted in the rest rejected or one author might be
countered and the rest rejected if it’s countered they all had the opportunity
to come right back in again that’s another conversation way too long for
this conversation so there will be a part two so here’s what you want to do
we want to talk I want to talk tonight about what you need to do to have your
offer looked at in that lineup in the best possible light tip number one don’t
get in the car don’t look at the first house until you are pre-qualified with a
lender that you physically can get face-to-face with do not go to Annie
Linder I’m go just categorically say that we use Realtors here to Nashville
know that II lenders there’s no human being you can talk to you when there’s a
problem there’s nothing you can do you are at their mercy you have no place to
go when it doesn’t close you may well lose your earnest money it don’t go to
Annie lender that’s a law to I’m not even talking about that here that’s a
wall but before you get in the car get pre-qualified and what that means is you
will sit with the lender you will go through your w-2s or 1099s you will
share with them the full financial picture they will then do and how much
savings you have how much you have for closing costs all the rest they will
determine with you what your monthly payments could look like what size house
what price point house you can safely say that you can close if you were the
bidding winning bidder don’t set yourself up for emotional pain all the
rest if you’re not pre-qualified with a letter in hand ready to go with that
offer stop right there and get that done because
a seller who has a lot of offers on the table is not even going to look at one
that doesn’t already have shown that they are pre-qualified and they are
ready to go tonight going to look at it because they want that house to close ok
that’s number one this is forgiven number two so you’ve seen the houses
that you want to see you know you want to make the offer have your agent talk
to the other agents and to find out you know what they asking price is but you
don’t know necessarily when does the seller want to move what would be the
perfect time for a move on that cellar what is this seller looking for all the
things you can find out to make your offer look better than any of the rest
if thats ever really wants three months because they’ve got a long vacation
planned in their house isn’t going to be finished and you don’t have to have that
house for three months well maybe even if you do the the offer that wants to
close in three weeks versus the offer to give the seller what they want now for
the gift the seller what they want may well be the one chosen so have your
agent call their agent and find out everything they can find out and your
agent needs to be a good sleuth your agent needs to ask things correctly and
they can maybe get a lot of information that will be helpful to you in making
the most not only financially right but all the other tweaks and turns that can
go into a contract or an offer all those things can be tailored to that sellers
needs as long as it meets your needs okay so that’s number two that’s where
it’s so important for your agent to have a good relationship with all agents we
agents work with each other over and over and over again in our lifetime of a
career you may not do it many times but we do we all know which agents we can
work with and you want to find an agent who plays well
plays well with others because those who I can work with easily and who are
forthright and forthcoming obviously I’m happy to work with and we have a good
relationship so that’s an aside but agent relationships amongst each other
is really important have your agents talk to that other agents find out what
you can do Taylor your offer to what that seller needs to the best of your
ability give me a 4 if that makes good sense to you the third tip of God is
this many people have heard of this but along with your offer along with the
best possible earnest money you can pull out and give well effect except for
sehri earnest money I’ll give you this every offer to a real estate transaction
has to have earnest money given in the offer of how much that earnest money is
going to be if you on a $300,000 house are offering $500 earnest money and
someone else on a fibrin on that same home multiple offer situations someone
else offers 5,000 earnest money which of those who looks stronger which of those
who looks like they have the most likelihood of being able to close as we
say we are in that cellar will make it getting money at the end the offer
that’s got the strongest earnest money its own returned if the house doesn’t
close so you’re not at any risk but the person who offers 500 and personal
office 5,000 if all else is equal the sellers mind that five-hundred-dollar
offer is not as solid is not as likely to go to closing so keep that in mind
offer as much earnest money as you can you’ve still got other contingencies so
it’s truly not at risk but it will be cached so number how the last for many
of us have heard about putting a letter to describe who you the buyer is to the
seller so along with your offer along with the pre-qualification
write a heartfelt letter straight from you the buyer in your handwriting I
knowing to email it unless your handwriting’s not legible but in your
handwriting explaining what you love the most about that house how you felt when
you walked into the home tell a little about your family tell a little about
your children if you’ve got children tell the reasons and tug on the
heartstrings of the seller because most people love their homes most people want
to know that their home is going to be loved and cherished as much as they
loved and cherished it especially if you’re dealing with maybe some
homeowners have been there for a long time and raise their families that make
sense now again if you’re looking at an investor who owns that house the seller
is an investor doesn’t matter it’s a their bottom about dollar you know their
net proceeds is what they’re going to care about that again it aligns
important for your agents to communicate with their agent the seller’s agent to
know the particulars but if it’s a seller who is been in them and it’s a
personal kind of situation make it personal I mean think how hard it is why
is the car when you go to buy a car you’re negotiating with your salesperson
you’re not negotiating who the ultimate person to negotiate the financing of
that car you’ve got somebody else to deal with you never see them they don’t
want to get emotionally attached you and I as the agent representing you the
buyer I want that seller is emotionally attached to you the buyer as possible
when we make that offer so a letter is really super important to add to it you
want to do it up a notch like 16 notches do it video do a video just like this
saying exactly what you would say in that letter but it’s the face-to-face
communication if you thought of dog bring that dog into it if you’ve got
children bring that sort of children into it share with them your heart and
what made you love that house so much you will be lightyears ahead of
everybody you’re really ahead of everybody if you did a letter you are
quadruple it if you do it associated with a VIP with a video you know their
other little ninja tricks on the family if you can on facebook and just become
real become real people and you will go a long way in that negotiation phase
it’s really easy to say no and reject a piece of paper it’s really hard to
reject that piece of paper that also comes with the with the lenders letter
that you you’re going to be able to be proved it looks great along with a good
strong earnest money check along with a face to face heart the heart video
conversation appealing to that cellar I promise you you put those five things
together I think I gave you six you put those things together and do it timely
and you are really in good shape to never live out on a bidding war they
can’t take homework and it takes a plan and before you get in the car have your
agent explain the whole gamut of what this whole process is going to look like
because that’s what they’re there for is to teach you the process to make it as
simple as possible do what is a complicated process but that that’s
their whole goal so hope you tips have been helpful to you please share it out
to anyone who you know who might be going into the buyer into the real
estate market coming up soon we are coming into springtime that’s typically
the bidding war time and many areas of the country are
already in that happened for months so it’s a tight market find yourself a
realtor who will teach you these things and if you need me help please feel free
to reach out to me share this on and if we talk be sure to ask me about our five
hundred dollar 45 days sail guarantee can a little bit on that earnest money
or buy a lot of filters because you’re going to need to be having a home depot
gift card see you soon share this app that can help talk to you soon

Leave a Reply