Best Way to Triumph in a Bidding War
Cash offers are overwhelmingly the top way for home shoppers to emerge as a victor in a bidding war. An all-cash offer tends to double a buyer’s odds of getting their offer accepted when in a competitive buying situation for a home, a new study from the real estate brokerage Redfin shows.
Followed by cash offers, writing a personal letter to the seller is the second most effective strategy to winning a bidding war, the brokerage found. Writing a personal letter to the seller can increase a buyer’s odds by 59%. Waiving the financing contingency can increase a buyer’s chances by 20%, which is down from 58% in 2017, the study finds.
Researchers found that waiving the inspection contingency did not significantly improve a buyer’s chance of making the most competitive offer in a bidding war.