Bidding Wars - Oro Valley Homes for Sale
Oro Valley Homes for Sale, Oro Valley Real Estate in Oro Valley Arizona AZ. Search Oro Valley Homes and Real Estate, Oro Valley Realtor Ian Taylor
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 less 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.