Only once did I not win a contract that a client wanted. To be fair, that house drew in 27 offers, but that was the first time I’ve ever lost a house. Bidding wars are something that clients fear, but I love the bidding war challenge; it calls into action my collection of business and social skills as I gather data from the listing agents so that I can get my client into the house with a win-win for all. My client, Christine (above), won ‘the war’ after she beat 8 other bids (yep, there was a total of nine bids!!) and ended up with a house she loves.
Here are a few secrets:
1) Be smart; make nice with the listing agent; treat the agent with the respect he or she deserves. Ask good, perceptive questions.
2) Have a great team. David Cox from Premier Mortgage Group (shown above) is very well known in Boulder. His word is like gold. If he says someone is pre-approved, it’s like a cash offer. He called up the listing agent and assured him that my client was pre-approved and that he had everything he needed to close quickly (true to his word, we closed in less than a month – about a week before the closing date).
3) Write your highest and best offer AND write a love letter. Christine wrote to the sellers telling them that the house reminded her of her childhood home. She promised to take great care of it and that she was looking forward to living there for many years to come with her cute dog, “Pepper.” She did offer above asking price, though the house appraised at $45,000 more than her sale price. Who doesn’t love walking into instant equity?
The listing agent walked into the meeting with his seller and said, “We have nine offers. I’m saving the best for last.” If you look at our contract, it has the number nine (9) written in the upper left hand corner. He said, “She has the best team; David Cox, whom I trust, an amazing buyer with a nice letter for you and the realtor called me several times this weekend asking me smart questions, I think this is the best offer.” I was so excited to get the call from him that we were under contract!
I have more stories like this one. In fact, I won a bidding war this weekend and have a client under contract on a lovely new home in Broomfield. If you are losing bidding wars, then you need to re-assess your strategy or get a new realtor. I have a few spots open this summer for new clients.