How to Win a Home buying Bidding War Without Going Over Your Budget

Summer is almost here!  The weather isn’t the only thing that is heating up -- so is the competition for buying a home! Warmer months are a favorite time for home buying so don’t be surprised if you find yourself in a bidding war with other home buying hopefuls.

Afraid you’ll be outbid unless you offer more?

You don’t have to go over your budget to win in a home buying bidding war! There are other (lesser known) tricks for competing with other buyers.

But remember that it all starts with the right financing! Making an offer that’s backed-up by our Purchase Ready Program is a great way to compete with other home buyers. Get started with your home loan by contacting our lending team.

Best Tips for Competing with Other Home Buyers (Without Blowing Your Budget)

Know how much you can afford.

Buying a home is emotional, so it’s tempting to do whatever it takes to buy your dream home -- even if it means offering more than you intended. The best way to avoid getting sucked into spending too much is to know exactly how much you can afford. Our office will go over the numbers and your mortgage options so you’ll have all the information you need to make a smart bid.

Here’s something else to think about: You don’t lose anything when you buy what you can afford to pay. Staying within your budget is a smart financial decision and a sign of a savvy home shopper.

Talk it over with the listing agent.

Make sure your real estate agent is talking to the listing agent! All too often, we hear of stories where offers are sent in without a follow-up. And when the listing agent is sorting through multiple offers that look just about the same, it's easy for your bid to get overlooked.

Don’t let this happen to you!

Ask your agent to contact the listing agent to make your offer personal and noticeable.

Suggest a shorter closing.

Every seller has a motivation, and if you can find out your seller’s motivation, then you’ll be able to win them over without spending a penny more! If the seller needs to sell fast, for example, you can offer to close sooner than the typical 6-week closing period.

But how do you go about closing in 3-4 weeks? Get your home loan document checked by an underwriter in advance!

Rent the home back to the sellers.

However, you might run into sellers that aren’t in a rush to move out of the house. Perhaps they are still working out the details of their next living arrangements and need a few months before they move out. In this case, you can offer to rent the home back to the seller in exchange for accepting your bid.

Submit an “as is” offer.

Offers that have minimal conditions are the most attractive to sellers, and an easy way to do that is to give an “as-is” bid. For example, you can suggest to lessen the inspection period to two days or skip the inspection altogether.

This is a risky move and may not always be allowed with certain home loans, but it’s something to explore when you're competing for your dream home.

Did you find this article helpful? Share it with a friend! And remember that your best chance at winning the bidding war starts with the home loan.

Apply for a home loan today using our online application.


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