Forget A Cash Offer: Here Are 5 Creative Ways To Help You Win A Bidding War

Ugh, bidding wars. They can be nasty, nerve-wracking, and even heart-breaking. Nowadays, most real estate markets present buyers with huge challenges, due to high demand coupled with low housing inventory. Oftentimes, bidding wars become the rule, especially in a seller's market.

Homeowners in today's seller’s market are reaping the rewards, with real estate values skyrocketing thanks to fierce bidding wars. But it doesn't have stay an all-out battle – there are strategies that buyers can employ when trying to land a property and come out on top of competing offers.

Here are five ways you can compete in a bidding war and land your dream home without giving an all-cash offer:

1. Craft a thoughtful offer letter.

Writing an offer letter to the seller can be a powerful tool in making your bid stand out. Not only does it give you the chance to express why this house is perfect for you, but it also gives owners a glimpse into what kind of life their home could have with its new occupants — and that's something they won't soon forget!

Step up your home-buying game and show the seller why you’re just as precious! Let them know how their house is perfect for you by expressing genuine interest, adding personal photos with family & furry friends to truly bring it all together. It'll be like giving away a part of themselves.

However, be extra careful about the things you say in your letter because there are some things to avoid. For example, it’s a terrible idea to include your plans to tear down part of the home and renovate it to your liking. You can consult your realtor and get help from a trusted friend or relative if you need help crafting your message.


2. Provide a sweet gesture.

Looking to snag the perfect home? Show you're a great buyer by making an extra memorable gesture - it could be just what seals the deal! And don't forget, sellers go through as much stress and uncertainty in selling their homes as buyers do when buying. A little kindness can make all the difference for them too

Home showings are your chance to get up close and personal with the people who could be selling you a house - so make sure to take advantage of it! A great way is by paying attention to the decor and displays. If they're huge sports fans, sporty gifts might do wonders for establishing good relations; or if baking's more their style, why not bake them something special? Small gestures like these can go a long way towards making an impression on sellers that'll last far beyond just signing papers.


3. Waive the mortgage contingency.

Don't want to make an all-cash offer? Waiving the mortgage contingency could be a great way for you to stay competitive in your home search. It's like making several insurance policies that come with one action: showing the seller that you'll definitely qualify for a loan, so they don’t have their heartbroken if things fall through at the last minute! This won’t give quite as big of an advantage as cash would, but it will still help get them on board and bring security into play - which can really go far when people are deciding between offers.

With a loan pre-approval from an experienced lender, you're already one step closer to owning your dream home. Don't fall into the common mortgage traps like altering your debt situation or switching jobs during the process—keep it steady and secure that perfect loan!


4. Keep the inspection time frame short.

Avoid having the seller worry about major hang-ups in your purchase by ensuring a speedy home inspection. Keep it to a week, if possible— that way you can avoid stressing out both parties before finalizing this huge financial investment!

Ensure you stick to your original offer timeframe when signing the 'purchase and sale agreement,' which essentially forms a contract between both parties. Making sure that all details are correct is essential - don't let these deadlines slip by!


5. Determine the seller's target closing date and give it to them.

Time is of the essence when you're in the market for a new home! The fastest way to put yourself ahead of other buyers is by making your offer as solid and timely as possible—plus, submitting it before any deadlines set out by sellers. Sticking to their preferred timeline could be just what's needed to help make sure that dream house becomes yours.

If you're ready to purchase your dream home, it's time to get into the bidding war game. You need an experienced and savvy real estate agent who knows exactly how and when to swoop in with a winning offer that will secure the property of your dreams without leaving you drowning in tears.

Winning a bidding war in Ontario, Canada can be tough, but knowledge plus the right real estate team mean you stand a good chance of coming out on top. Learning some strategies could get your foot in the door and make all the difference when it comes to snagging that dream home. Contact Santa Sells Houses today!