in the current housing frenzy, particularly in the Bay Area, bidding wars have quickly become the norm. Trull’s Real Estate 101 series has an excellent article on several strategies to navigate this situation which is summarized below:
- What can you afford
Experts agree: make your best and final offer as early as possible. One other tip: add a clause saying you will pay $1,000 more than the next “best and final” offer. If you can afford it.
- Suggest a shorter closing
Depending on the sellers’ situation, closing earlier, whether through tightening the inspection time or obtaining a conditional approval, may swing the deal.
- Submit an as-is offer
This is the most risky suggestion; many agents reducing the inspection period to two days in lieu of waiving it all together.
Other suggestions include paying more in cash and renting the house back to the sellers