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How to Win a Bidding War in Delaware and Pennsylvania Real Estate

Thursday, June 17, 2021   /   by Alex O'Brien

How to Win a Bidding War in Delaware and Pennsylvania Real Estate

biddingwar.jpegIn today’s real estate market, inventory is low, competition is fierce, and other buyers are willing to do whatever it takes to secure a home. As a result, bidding wars are becoming more and more common and buyers can easily find themselves in a multiple offer situation.

The Kat Geralis Home Team has decades of experience to help you get through a bidding war in Delaware and Pennsylvania real estate and we've included a few of the best tips for local buyers below!

Set Emotions Aside
In a bidding war, it’s best to set your emotions aside. We know all too well how easy it is to fall in love with a home on Delaware and Pennsylvania, get your hopes up, and then quickly become disappointed when things don’t work out in your favor.

Get Pre-Approved

One major aspect of buying a DE or PA home successfully is getting pre-approved for a mortgage. Not only does this show you’re a qualified buyer, but will allow you to act quickly in this highly-competitive market. During the pre-approval process, lenders will review your income, assets, and credit scores to determine how much you can borrow. You will need to provide other documentation like bank statements, pay stubs, and tax returns to finish this crucial step.

Wave Contingencies

The majority of sellers see contingencies as roadblocks to a smooth sale. For example, the mortgage contingency allows you to pull out of the deal if you can’t secure financing. Be sure you’re only waiving contingencies you are confident you can proceed without having in place.
The strongest offers will have waived all contingencies, but don’t be discouraged if you can’t waive all of yours. You can also strengthen your offer by limiting the seller’s responsibility for inspection-related repairs and other issues, which could ultimately push you to the front of the offer stack.

Write a Love Letter

Another strategy increasing in popularity is the “love letter” to the seller telling them how much you love their property and how it will be perfect for your family. Make sure you speak to your agent before writing once as, in some cases, they can raise fair housing law concerns.

Ready to get started on your home search in Delaware or Pennsylvania? Give the Kat Geralis Home Team a call today for a list of homes available in the area!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty

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eXp Realty - Kat Geralis Home Team
Kat Geralis
3411 Silverside Road Suite 104
Wilmington, DE 19810

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