These expert-recommended tips will help you close on your dream home, even when youre up against multiple offers.
You have a pretty solid idea of what you want in a neighborhood and a home, too.
But then you hear back: Youre not the only one who got the feeling.
Credit:Getty Images / Kseniya Ovchinnikova
The home has inspired multiple offers.
Youre about to enter a bidding war.
What Is a Bidding War?
A bidding war happens when several parties make offers on a home thatshit the market.
Without the escalation clause, they likely wouldve been outbid.
Its all about creating a connection, he says.
Waiving it is an option too, though this leaves you responsible for major defects.
Be Prepared to Close Quickly
This could put you ahead of other, higher bidders who arent as agile.
This could include kicking off the loan underwriting process, Gross says.
His recent client did this and was able to close in under thirty days.
My advice is put as much down as you could to prove your seriousness, Gross says.
Let your monthly payment cap determine your purchase price cap, and stick to it, she says.
This means yours is still out there.
Time to reset and continue your search.
