Preparation is Key

• Property Inspection: Visit the property multiple times to ensure it is right for you. By viewing the home more than once, you will be able to make an informed decision, and you will show the agent that you're genuinely interested in the home.

• Build a Relationship with the Agent: Estate agents deal with numerous enquiries every day, so it is important that you find a way to stand out. Get to know the agent personally. This showcases your sincerity among numerous offers, making you a memorable contender.

• Set Your Limit: While offering more money is an obvious way to win a bidding war, it is important that you set a realistic limit to how much you can spend. When considering your limit, factor in additional expenses like furnishing your new home. Stick to your limit and avoid overspending in the heat of the moment.

Crafting Your Offer

• Strategic Bidding: Start with a reasonable but optimistic offer. Avoid making excessively low offers, which might create an unfavourable impression with the agent and seller.

• Make Significant Offers: Instead of bidding in small increments, consider making significant offers (e.g. from €2,000 up to €10,000, depending on your spending limit). Higher offers deter competition.

• Make an Odd-Numbered Bid: When it comes down to final offers, make an odd-numbered bid, e.g. €353,540. This strategy can be effective in demonstrating that you've stretched your budget to the limit and you have offered everything you can to buy the home.

• Add a Personal Touch: Emotional connections can make a difference, so writing a personal letter to the seller could give you an advantage over other bidders and make your offer mean more than just a number.

Mastering the Bidding War

• Mortgage Pre-Approval: Obtain pre-approval for a mortgage to demonstrate seriousness as a buyer. Apply for the maximum mortgage available to you to bolster your financial position during a bidding war.

• Flexibility and Firmness: Be willing to negotiate terms like the closing date or the terms of the sale. If the seller has multiple offers, they may be more likely to accept an offer from a buyer who is willing to be flexible and is prepared to negotiate certain terms. Although flexibility may work in your favour, it is also important to be firm and be prepared to walk away from the deal if your are not comfortable with the terms.

• Sell Your Advantage as a Buyer: Show your determination and sell yourself as a buyer. As a first time buyer, you may be competing against bidders who have to sell their houses and are caught up in a buying chain, which puts you at an advantage. Be sure to communicate to the agent why you are low-maintenance buyer and therefore a more favourable bidder.

• Stay Informed: Check in regularly with the agent about the bidding process to gauge your competition. Find out how many bids are in and where the price is at.