How Do You Win a Bidding War in Sioux Falls?

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Today, I’d like to discuss how to win in a multiple offer situation. In our marketplace right now, this situation is common even in different price ranges. As a local real estate expert, I wanted to offer my insight. Here are a few ways to make your offer more attractive to the seller.

• Purchase price: This seems obvious. However, we recommend submitting your highest and best offer. Even if there aren’t several bids, this greatly improves your chances of acceptance, before other offers roll in. 

• Closing costs: I think the seller doesn’t have to cover closing costs for you. However, if you have enough to cover your down payment and closing costs, we recommend you don’t ask the seller to pay closing expenses. It varies upon the situation, but again, it’s not an automatic thing. 

• Closing date: This is fairly simple. However, when you’re a seller, that date could be the most important term in a contract. They might need to move by a specific time. Ideally, the buyer’s agent should ask the listing agent when the seller would prefer to move. For instance, if you’re closing in the spring, a seller might want to wait until the school year ends.

• Pre-approval letter: Again, this seems obvious, but it does help you. This shows the seller you’re qualified, prepared, and financially able to purchase their home. It’s a nice gift wrapped package! 

If you’re thinking about buying or selling a home in the Sioux Falls area, I’d be happy to answer your questions. Reach out by phone or email today!