Come Out on Top of a Bidding War

Shopping in a competitive housing market is nerve-racking. You can fall in love with a home and picture moving in, only to find out you’re competing with many other families who are envisioning the same thing. If you end up in a bidding war for your dream home, the only way to win is if you stand out from other buyers.

Here are a few suggestions to help you come out on top:

Get Prequalified

Don’t put in an offer without a prequalification letter in hand. The prequalification letter shows a seller that not only can you afford a home, but someone is ready and willing to loan you funds to buy it.

Need to prequalify? We offer an online application that takes 20 minutes. Complete it today to give yourself an edge over the competition. You just need to answer a few questions about your personal finances and the home you plan to buy; no fee or obligation required.  

Don’t Sit on Your Offer

There’s no room for indecisiveness in a hot housing market. If you see something you like, jump on it right away. The first few offers naturally catch the eyes of the seller.
Be prepared to make your offer an aggressive one that’s even a little above asking price to solidify your interest and grab their attention. A weak starting offer can turn off the seller and crush your chances of getting the house.

Bring in More Cash

Cash will always be king. Offers that bring more cash to the table get noticed. Propose a higher than average earnest money deposit to let the seller know you’re serious. An earnest deposit that equals 2% to 3% of the home price may be enough to put your offer at the top of the buyer pool. Speak with your realtor to figure out the earnest deposit that makes sense in your situation.

Typically, a cash offer on a home trumps all. If you have the money to do it, it’s a surefire way to get noticed. A cash transaction moves quickly which is very appealing to sellers. Financing requires extra steps that prolong the buying process.

Work With Aggressive Contingencies

What if you don’t have enough money saved to put in a cash offer?

All isn’t lost. You can speed up financing instead. During a bidding war, offers with the shortest buyer contingencies stand out because the transaction moves along faster.

At Atlantic Coast Mortgage, we have a proven process to shorten contingencies to expedite your loan application. Our loan officers are available 24/7 to push your application through to underwriting and closing. Financing with us resembles a cash offer and it’ll put you ahead of other buyers.

Put it in Writing

Sellers see dollars and cents when offers come in. They don’t see the families behind each offer. If there are multiple offers comparable to your own, a compelling story about your family that explains why you’re interested in the property may set you apart from others vying for their attention.


 Interested in learning more about your mortgage options or prequalifying for a home loan?