Teixeira says that while an agent should never push a client toward a specific lender, she does have a few trusted lenders who will gladly accompany her when she makes an offer on a property for a buyer who happens to have borrowed from them.
“This is part of the strategy, because if there are any questions about the ability to get the loan, they can be addressed right then and there,” says Teixeira.
One contingency that often gets waived is the inspection, which can expose buyers to a significant amount of risk. This does not, however, mean that you’re going to buy the house without an inspection.
Julie Angelos of Berkshire Hathaway California Properties points out that in markets where multiple bidders abound, sellers will often hire an inspector to report on the house before it’s listed to help the house sell more quickly. They will then include both the inspection report and the disclosure agreement on the MLS so buyers’ agents can provide that information to their clients.
Teixeira says it’s important to read these documents carefully and have your agent call the inspector directly with any questions. If there’s enough time before the offer date, Teixeira suggests that you also hire your own inspector to look at the house before you make your offer. That way there’s no question about what you’re getting into.
Teixeira also has had clients who won bidding wars simply by being perceptive. “I had one buyer who noticed some San Francisco Giants paraphernalia in the home,” says Teixeira. “The buyer had season tickets to the Giants, so as part of their offer, they gave two tickets to the father and son.”
In the end winning a bidding war can be as simple as convincing the seller that you’re a good person who just wants the transaction to go as smoothly as possible — which is a win-win, because of course that’s what you want, too.
Tell us: Are there bidding wars in your area now?