Gird Your Loins: Ali Ata on Tips for Winning a Bidding War

 Ali Ata has heard the same story numerous times: a couple or a single buyer is very invested in purchasing a piece of property that’s high in demand. And yet, somehow, they are thwarted from their dream property by losing to the bidding war for it. And at a time when the property prices and home prices are at an all-time high, there’s an even greater likelihood that a buyer might lose out on their target home.

 

Here are some all-important tips on how to gain the upper hand.

 

A pre-approval letter in hand is an ace.
One of the best things that a buyer can have in hand to prove that they’re good for the purchase is by having a pre-approved mortgage letter. Ali Ata explains that it’s more precise and more reliable than any verbal confirmation of your income and bank statement and something that gives a buyer the edge.

Money talks louder than promises.
Be prepared to up your offer. If you’ve got your heart set on that particular home, you have to be ready to pay what you can for it. It may be the “old-fashioned” way, but it’s still the most effective, especially now that there’s such high demand for homes.

Waive contingencies.
You have to show that you’re not planning to back down on making this purchase compared to others who might balk at the last minute. Ali Ata says that by waving contingencies (which allows buyers to back out if the deal doesn’t meet a specific condition), you’re showing that you’re a sure buyer.

Make a personal appeal to the seller.
People, even sellers, love a good story. If you write a personal letter expressing your sincere desire to make the purchase and what made you want the property in the first place, you’re making sure that the seller keeps you and your story in mind, which gives you the advantage.

For realtors and real estate agents like Ali Ata, a buyer who shows that they’re sure or financially stable makes all the difference. It’s all about strategy in a bidding war and showing that you’re here to seal the deal.