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I got my third offer. But I learned each time to make my offer better. Third time I used an escalation clause. I bid $X with an escalation to beat any other valid offer by $10k up to $X+$100k. I also removed any financing/appraisal contingency and said that we would not ask for any changes based in the inspection. (We still did an inspection and could have cancelled based on the inspection which I was satisfied would allow us to negotiate if necessary). While we got the house and I haven’t seen anything better we might have overpaid a little, but then others were also willing to overpay so…
Subject Expert
What market are you in? Is your realtor advising you on what a competitive bid looks like? Are houses going over asking? Or is it just a financing / closing time / inspections waiver situation that is winning out?
I’m in Philly. My agent has been excellent, has been very helpful with bids, what’s worth it, what’s not, etc. Houses are going about 30-50k above asking with everything waived (inspections, appraisal, etc). I keep losing to people with slightly deeper pockets - everything is the same on our offers but their escalation clauses beat mine.
Subject Expert
My first condo that I bought in a highly contentious time we got beat on 9 other offers. The condo we finally won we resulted in some slightly shady tactics to solidify our bid. But those tactics wouldn’t work today due to changes in how things work these days. So it’s not worth mentioning.
I bought 2 investment properties during Covid. For one, we asked for an inspection but no repairs, waived financing contingency, and offered an escalation clause. Another we bought after it fell out of escrow and it had horrible photos with no open house. Put an offer in before anyone else saw it. We kept the inspection clause because of the poor photos (and glad we did as there was mold that required remediation). But offered asking price with all contingencies and it went thru.
Same for me. I came in second 3 times before I finally got one. Good Luck 🍀
I got my 7th offer. It took me 2 years. But I am very happy with my purchase, better than the other 6 properties.