I found a house I loved and wanted to buy, but ended up getting involved in a bidding war after two other people made offers.
I won that bidding war with an offer that was about $7,500 lower than the highest.
My agent’s communication with the seller and other agent was one big factor in their accepting my offer.
Additionally, the seller and I have a lot in common, as we’d both be first-time homebuyers with this house, and we shared a love for the backyard garden. It was exactly what I wanted, and I think this helped me win over other higher bids.
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On a Saturday evening, I got the call I hoped I wouldn’t: The house I’d fallen in love with that morning had two other offers, and the seller wanted highest bids by the following day at 6 p.m.
I was starting to feel defeated searching for a home. I’d found the house that morning, saw it at noon, and knew it was the place five minutes later. I made an offer on the recently updated two-bedroom, one-bathroom home that afternoon for the listing price of $199,000. Since there were two other offers, I’d have to do it all again.
In Cincinnati, Ohio, where I’m shopping for my first home, the market has become surprisingly competitive. Zillow data shows that cities in the Midwest have unseated major metros for the cities where homes sell quickest. While homes in New York City, Miami, and Atlanta used to go the fastest, those cities have been replaced by Columbus, Ohio; Kansas City, Missouri; and, of course, Cincinnati, in the past few months.
The next morning, I added $8,500 to my offer after a conversation with my real estate agent, and tried to take my mind off the bidding war for the day.
Later that evening, I found out I’d actually won … but hadn’t submitted the highest bid. My bid was actually about $7,500 lower than the highest. Now, we have a closing date on the calendar and I’m ready for this house to be mine. I’d won the bidding war without offering the most money, and the sellers told my agent that there were two main reasons why.
My real estate agent was diligent about following up
One of the reasons the seller chose my offer was because my real estate agent had been great about communicating with the agent and her partner, and they appreciated that.
After submitting my first offer, my agent called the home’s agent to follow up. He made sure they saw the offer, and let them know how interested I was. He followed up again when we didn’t have an answer by the deadline we’d set in the offer letter. He kept in close contact with them throughout the process, and ultimately, it helped my bid.
They hadn’t heard as …read more
Source:: Business Insider