In our fast-paced market with low inventory, it is inevitable that two buyers will see the same property, like the same property, and decide to make an offer to purchase at the same time, oftentimes within days – or hours – of a property coming on the market. This scenario is called a “multiple offer” situation. Below are four tips for buyers hoping to win when competing with other buyers for a property:
Money talks –It is your agent’s responsibility to educate you on the market so you can feel good about making a strong offer. In many cases the offer will be above “full price” (the price the property is listed at). Be smart about how you make that offer and make sure your offer is as “clean” as possible avoiding contingencies such as for financing, inspection, and even the sale of the buyer’s current home.
Approval letter from lender – take the time to get pre-approved before you make an offer so the seller will be more comfortable in your ability to obtain a loan.
Money down/earnest money – when competing against other offers, consider increasing your down payment or earnest money. This settles most seller concerns about your financial viability and likelihood of completing the sale.
Personal letter – if you really want the home, write the seller a letter indicating why their particular home is a good fit for your needs. You would be surprised at how many multiple offer situations are decided based on the letters that buyers have presented to sellers.
A combination of the above ideas can give you the edge you need when competing in a multiple offer situation. If you have been thinking it is time to make a move, give me a call at 206-730-0962 or send an email to firstname.lastname@example.org. Together we can strategize how you can make a strong offer and secure yourself in the home you have been waiting for.