Listen to "How To Win the Bidding War" here!

Part of the strategy for listing a property in today’s market is to not be the most overpriced listing or the highest on the market. When a property is listed at a good or competitive price, you will find that there will be a lot of interest in that property. And, what may happen is that the property will receive multiple offers, which ultimately creates a bidding war. If you find yourself in a bidding war, follow these tricks and you just might walk away with the home of your dreams.

1. Check your credit. Take your offer and make it as strong as you possibly can. Having a high credit score might help make you the most attractive candidate. The goal is to give yourself the advantage.
2. Get Pre-Approved. Make your offer more attractive by attaching your pre-approval letter. BE SURE to read the fine print! Remember that a pre-approval is not a commitment. Be ready to give the seller authorization to your banker so that there will not be any issues with financing, especially if your banker is outside of the state.
3. Determine how much risk you are willing to take. You can come out a real winner by bidding up, but you need to draw a line. It’s important to develop a strategy here. Inform yourself about where the market is; be an educated consumer.
4. Bring your checkbook. If the offer is accepted, you want to be able to respond right away. This might improve your chances of getting the home. When the seller sees the check in front of you, they will know that you are serious.
5. Define the rules of negotiation. Make them clear to all parties involved. If you have an accepted offer, don’t just let your lawyer let that contract sit on someone’s desk. Make sure it is signed promptly. And by promptly, I mean 24 hours.
6. And remember, until the contract is signed by the buyer and the seller, the seller is free to entertain other offers, just as the buyer is free to walk away. Sellers will generally keep the property on the market while they’re negotiating the contract with the buyer, and that makes sense.

To hear more on "How To Win the Bidding War", you can download the Eye On Real Estate 11/05/11 (Hour 2) "Podcast"  by copying and pasting this link to your browser  http://www.wor710.com/pages/8387039.php.