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How To Win A Bidding War On A Athens Property

It’s the ideal situation for a seller, but a bidding war isn’t always so great for buyers. As a buyer caught up in a bidding war on a Athens property, you need some way to come out ahead of the competing bidders – that is, without offering a ridiculous amount for the purchase price. And there are indeed some effective tactics and strategies you can use. Here’s how to win a bidding war on a Athens property.

Have Cash in Hand

Without a doubt, one of the best ways to win a bidding war on a Athens property is to arrive with cash in hand. Nothing speaks as loud as green, but it’s not just the tempting sight of all that cash.

When you have cash, sellers know that they won’t have to wait for you to secure financing and that there won’t be the possibility that the loan might not even come through. They know you’re a serious buyer and have the resources, so they may even reduce the price a bit to get that fast cash. On average, having cash in hand can double your chances if winning a bidding war.

Or Have Your Pre-Approval Letter

Not everyone, though, is able to win a bidding war with cash. So the next best thing is to get a pre-approval letter from your lender and come to the war armed with that. This is different from getting pre-qualified and has much more clout. A pre-approval letter tells the seller that your lender has already underwritten your application, and the only thing still pending is the appraisal. Having a pre-approval letter will put you ahead of all the other bidders who don’t have one and who still have to go through the approval process.

Employ an Escalation Clause

Another good tactic for winning a bidding war on a Athens property is to use what is called an “escalation clause.” This clause will allow you to strengthen your position in a multiple-bid situation.

An escalation clause is an addendum to the contract that states that if other bidders make bids matching or topping your initial bid, you are willing to incrementally increase your offer up to a certain cut-off point. Such an escalation clause indicates that you have a strong interest and are a serious buyer, but will also allow you to walk away without obligation when the competition gets too stiff. In addition, many escalation clauses will allow your bid to stand for 20 days in case the winning bidder can’t deliver in the end.

Go Easy on the Concession Requests

Another way to win a bidding war is not by offering more money, but by asking for less in the way of concessions and contingencies. A seller just might be willing to take a lower offer from a buyer who is making fewer demands. For example, avoid asking for an extended closing or repairs to be made or for closing costs to be paid. It will just make your offer more attractive in the eyes of the seller.

Your Ally in the Bidding Wars

Really, though, these are just a few of the many tactics you can deploy to win a bidding war on a Athens property. You can also, among other things, write a letter directly to the seller, be flexible on closing, and let it be known that you’re prepared to walk away.

Are you ready to buy a Athens house? We can help! Send us a message or give us a call today! 706-426-1082

Georgui Kassaev

Georgui Kassaev was invited to this country in 1996 during the Atlanta Olympic games. The first place he came to call his home after leaving Russia and performing all over Mexico, was Athens. He became a professional mixed martial arts fighter, then coach, and eventually obtained two black belts in taekwondo and Brazilian jiu-jitsu. He formed a specialty carpentry and construction business which sparked his passion for real estate. He then rediscovered his first passion performing. After all, he has performed in the circus since he was eleven years old in front of thousands of people and then again when he was an adult as a professional fighter. In 2018 he landed his first 3 television roles. While acting, he continued developing his real estate skills, becoming a value-add investor in the Classic City and then getting his real estate license. He has now become a listing specialist in the Greater Athens Area, working with homeowners to protect their interests and get them the right price for their property! However, he never abandoned his construction roots and works with investor clients to help them buy properties based on their numbers with no aversion to making multiple offers. Georgui is fluent in three languages Russian, Spanish, and English. He is proficient in video production and social media marketing.

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