How to Win at Competitive Bidding
How to Get On with Competitive Bidding
Without knowing failure, relishing success rings somewhat hollow. In a competitive market it’s far easier to fail than it is to win. While it’s subject to change, the arbiter of success in many cases is the bottom line – the price bid. But offer terms are equally – if not more – important. Is there an appraisal contingency? How large is the down payment a would-be buyer is making? The gold standard may be 20% but what about an appraisal that falls short? It’s unlikely a seller in a competitive market would renegotiate on price as they would in 2011 for example. Instead, a buyer will be expected to cover the short fall. Keep in mind the multiple counter offer is out of fashion these days, but like fashion trends may come back into vogue.
What’s essential now is that me and my clients craft and present offers with clarity, strength and specifics.