Posts from November 19th, 2020
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19
The Best Advice to Give Buyers in a Bidding War
As a real estate professional, you never stop learning. Some skills are used almost daily, while others come up once in a blue moon. One secret to why Homesale Realty experts are so successful is that we have one of the industry's best processes for learning new skills.
That includes high stakes edge-cases like bidding wars.
Bidding wars start when two or more prospective buyers compete directly to purchase a property. Put simply, they don't happen every day. In fact, a bidding war is unlikely outside of specific circumstances: A market where buyers greatly outnumber sellers.
If a market is busy and a home is uniquely desirable, bidding wars can happen suddenly.
It's crucial to have negotiating skills at the ready when a bidding war strikes. Buyers who enter it unprepared can find themselves vastly overspending their budget or making concessions that aren't wise in the long run. Emotions run high, and poor decisions might be made.
So, how can you advise your client on navigating a bidding war?
