How to Handle a San Diego Real Estate Bidding War
The competitive San Diego market can become stressful. Through the decades (yes, I’ve been doing this a long time!), I’ve uncovered a few tips to help my San Diego homebuyers experience success. (Keep in mind, however, that if your offer is significantly less than your competition’s, even these tips won’t help!)
Here are three strategies to help you be in the running and potentially on top in a bidding war:
- Appeal to the seller’s heart – Most sellers are moving on but may still feel strongly attached to their San Diego home. Sharing a bit about yourself and your family can help them see you as the one who will care for and enjoy their home, just as they did. Ask your San Diego Realtor to share with the sellers your love of the house and a bit about how you envision yourself living there for years to come.
- Show them the money – This reminds me of the movie “Jerry Maguire.” Yes, showing the San Diego seller that you are serious about the purchase by increasing your earnest money deposit from the typical 1% to 3% could make a difference. Be sure to tell your San Diego Realtor to make it clear in an email cover letter (in today’s real estate business, most offers to purchase are delivered via email) that you are indeed demonstrating a strong offer by providing a substantial earnest money deposit (sometimes referred to as good-faith).
- Shorten your timelines – Show the seller that you are serious by shortening your inspection timeline. The California Association of Realtors Purchase Agreement defaults to a 17-day timeline for inspection, appraisal, and loan approval before removing all contingencies. Make your offer stand out by shortening your inspection period and changing that contingency to 10 days. Again, ask your San Diego Realtor to showcase that you are willing to move quickly.
And most important, breathe…slow down.
Stressing yourself out to exhaustion about every offer you submit is going to lead to you making fewer good choices. Relax and let your San Diego Realtor work their magic. Follow the advice and guidance of your Realtor and you will become a happy homebuyer.
And to become that successful San Diego homeowner, I’m Kim Ward. My team and I are ready to answer all your questions and give you the facts so that you can make informed decisions. Call 619-741-0111; we’re here to help.