How Do You Win a Bidding War For Your Dream Home? Barbara Corcoran Has Tips

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How Do You Win a Bidding War For Your Dream Home? Barbara Corcoran Has Tips

How do you win a bidding war to score your dream home (like Barbara Corcoran’s gorgeous NYC apartment)? New Jersey resident Kendra — who just started the process of buying a condo — asks the business pro how she can stand out among other potential buyers for a competitive home. 

Barbara — who says you “most definitely” should buy a property in this market — says you should ask yourself two questions: what are you willing to spend and what price are you willing to lose the home? 

“So let's say you're thinking of offering 320K.... so you ask yourself and you say, ‘Well, if someone else got it for 350K, I'd really be upset.’ Well, then offer 350K. Offer your best bid upfront because this is the kind of market [where] you don't get a second chance,” Barbara says. 

Barbara also recommends making an all-cash offer even if you’re financing. Offering all-cash doesn’t necessarily mean “you’ve got the cash in your pocket,” it could mean you’ve been pre-approved for a loan and can get the money from a bank.  

Lastly, Barbara says to “write a love letter to the seller” to make the exchange personal. 

“If you write a love letter, the broker has to by law give it to the seller, so you have direct communication.” 

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