Oro Valley Real Estate - Bidding Wars
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.
Followed by cash offers, writing a personal letter to the seller is the second most effective strategy to winning a bidding war. 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%.
Bidding War Strategies Ranked from Most to Least Effective:
Waived Financing Contingency
Waived Inspection Contingency
Bidding wars are more common than previously, so an all-cash offer is often enough to make an offer the winning bid. Financed offers can fall through because the buyer can’t afford the purchase or the buyer is too risky a customer. Sellers value an offer they know isn’t dependent on financing.