Re/max Executive Realty
Sandy Lucchesi, Re/max Executive RealtyPhone: (508) 380-4405
Email: [email protected]

Making an Offer. How to Win a Bidding War ~ Using the Conditions *Part 2*

by Sandy Lucchesi 12/20/2021

You are writing your offer and have established the price you are willing to pay.  You’ve heard from others and most importantly from your own Realtor that in a bidding war you need to consider the offer conditions/contingencies:
~ Closing date
~ Inspection
~ Mortgage contingency
~ Appraisal contingency
~ Lead inspection
~ Permits
~ And more…….

In the ‘good old days’ as the buyer you could ask the seller to produce all permits, have a home inspection and negotiate all repairs. You would even include the condition that the bank appraisal must meet or exceed the purchase price. In a bidding war situation, the offer that is accepted is generally the one that:
~ eliminates any inspections
~ states that they the buyer will make up any difference that occurs between the purchase price and appraisal value (with proof of funds) or at least some amount of the difference not leaving the buyer completely at risk
~ does not request permits from the seller for work done on the house and
~ shows more concern for the seller’s desired closing date than their own.

It is important for the buyer’s Realtor to speak with the listing Realtor to understand what is important to the seller. Now to be clear, every situation is different. I acknowledge to my buyers that I do not advocate for no inspection because they really are important but I also make my buyers aware that if other buyers are not doing an inspection and other conditions/price are similar, the expectation is that the seller will be interested in the offer(s) that are not doing a home inspection.  No matter how well maintained a home is, sellers are generally very concerned that the inspector will find ‘something’ and it will be costly or ruin the deal. 

How to address the multiple conditions / contingencies in an offer is not cut and dry. There are many ways to approach each of them and knowing what to do in each situation comes from years of experience and working with buyers/sellers every day.  It truly is an expertise. It is important to have a very experienced, knowledgeable Realtor on your side helping to navigate all the intricacies and establish the competitive/winning strategy.

Ready to start looking for your new home? Put my 18 years of experience to work for you today. Give me a call! I'm here to help you as the buyer in this very fast moving & challenging market.

About the Author
Author

Sandy Lucchesi

Sandy Lucchesi, your number one source for Hopkinton Real Estate, Southborough Real Estate, Westborough Real Estate, Upton Real Estate, Grafton Real Estate, Holliston Real Estate, and surrounding towns.