When General William T. Sherman infamously stated, "War is Hell," he was not referring to bidding battles for homes and properties; nonetheless, the sentiment applies. There is no buzz kill quite like the one associated with losing a dream home due to a poor strategy surrounding a bidding war for a condo, coop or single family detached home.

While mortgage seekers may flinch at the thought of having to fight to win the right to buy a home, the activity has been viewed as a positive sign of a housing market rebound. According to SmartMoney contributor, AnnaMaria Andriotis, the activity is growing in markets bucking the recession trend regardless of if a home needs to be financed with a jumbo loan or with conventional mortgages. Regardless of what type of property you are eyeing, here are some strategies that will provide you with an upper hand in a bidding war.

Preparation

Jumping into the housing market without properly preparing for the task is a fool's errand. Prior to even looking for a house, consumers need to work some behind the scenes magic to make sure they are financially fit for the home purchasing transaction and able to prove it to the seller (regardless of if a property is being sold privately or as a REO). Those steps include:

• Improving Credit Scores: Lenders now consider a credit score of 730 to be the mortgage magic number. Plus, the closer a borrower's credit score is to that number, the lower interest rates they will be charged for the home loan.
• Save Cash: Private lenders now require borrowers to have larger down payments of around 20 percent.
• Set a Budget: Crunching the numbers on a maximum mortgage, mortgage calculator will help establish the firm parameters for a bidding war as it can be easy to get carried away in the heat of the moment.
• Fair Market Value: In order to stay competitive, many homes have been discounted and are priced below fair market value. Home buyers must educate themselves on that number to prevent paying too much for a home during the heat of battle.
• Loan Pre-Approval: The surest way to prove to a potential seller that you are ready to win a bidding war is by showing that you have the financial means necessary to secure a home loan. A mortgage pre-approval letter from a lender is all the proof needed to demonstrate the strength behind a bid and level of interest. Mortgage rate origination tool, Mortgage Marvel, can provide qualified consumers with that type of documentation in as little as 20 minutes.

Make 'Em An Offer They Cannot Refuse

There is no arguing that money talks, but buyers can also tap into a variety of other strategies to ensure that they come out on top of a bidding war. Sellers know that currently it is a buyer's market and they know that there is plenty of housing competition out there. As a result, they will appreciate a buyer that is a straight shooter and will respond favorably to offers that:

• Are willing to work with the closing date the seller had in mind, regardless of it is 2 weeks or 2 months.
• Free of unusual requests and conditions such as a potential buyer having to sell their home prior to buying the one in question.
• Have an odd number such as $214,999 as that offer will stick out from the crowd more easily than a number that ends in zero.
• Have the liquid assets to make an initial and hefty deposit.

Brace Yourself

It is easy to get caught up with the excitement surrounding a bidding war. One day, you can be considered the top dog for a property in question and within minutes, that may be crushed as another buyer may win out. Staying calm, cool and collected throughout the entire process is essential, as that will ensure that you stay both on track and within the original budget you set for the transaction.

No matter what stage of the home buying process you are involved in, industry leader Mortgage Marvel is here to help. Why make the task of getting home loan pre-approval fast and accurate. Hundreds of national lenders rely on Mortgage Marvel to get the mortgage rates they need to conduct their business of refinancing or first home loans, and we can do the same for you.