Inspection Period – This is another area where you can crop some time off. If you’d like to have an inspection contingency included in your offer, Agents will typically suggest a 10 to 14-day inspection period. This is really unnecessary, since it usually only takes an inspector one or two days notice to get them to your house. A shorter inspection period, like a 5-day period may be more attractive to the seller, since they know that after 5 days, you won’t be backing out of the deal, at least without losing your deposit.

Closing Costs – Many buyers inevitably need some closing cost assistance from the Seller, since they’re putting up a down payment, plus they may have fees for breaking a lease or selling their own home, and then many buyers would like to have at least a little cash in the bank in case something goes completely wrong in their lives or with their new home. If you’re in a bidding war, however, asking for closing costs can make your offer much more unattractive, so many buyers will ask to split the costs, or will offer a bit over the asking price to compensate for the immediate help. This way, they will be paying for the costs over the course of the 30-year loan.

Ernest Money – Ernest money shows how interested you are in the property. While there’s typically a “reasonable” deposit that you should place, based on the price of the property, if you’re in a bidding war, you can use the deposit to your advantage. Offering a large sum for your deposit may just help you win the war, and your Agent should help you decide what is fair.

Be Likeable – One of the biggest pieces of advice we can offer is that you want to be as likeable and flexible as possible. Many buyers think of Denver real estate for sale as an investment, but they don’t realize that some Sellers are very attached to their home and neighborhood. Many sellers would love to sell their home to someone they’d consider a great addition to the neighborhood. This isn’t necessarily true of all sellers, such as the out-of-towners, or ones who may not have as much attachment to the home, but for most sellers, they are happier to sell to someone they like.

Escalation Clause – This is a trick any good Agent will know; and can almost always guarantee you a win in a bidding war. An escalation clause will increase your offer over any others, up to a certain amount, and in specified increments. If you’ve decided this is the home for you, and you know how much you’re willing to spend, your Agent may recommend you use this tactic to win your dream home.

About PorchLight Real Estate: PorchLight Real Estate Group has the most experienced and knowledgeable Denver real estate agents in Colorado. For more information about homes for sale in Denver CO or specific neighborhood homes please visit www.porchlightgroup.com.

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