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Ways to have your offer win in a multiple offer situation

Ways to have your offer win in a multiple offer situation

 As a home buyer in our current market place, you may have faced or will be facing a home that has multiple offers on it that  you will be competing with.  How your offer is written matters, all of the details matter when you are competing.  It is not always all about the highest price, but also what terms the seller is looking for.

When I am writing an offer for a client on a home that has multiple offers, I do my homework.  I contact the listing agent and get as much information as possible about other offers, their terms and most importantly, what is the seller looking for?  Sometimes they have certain timelines that need to be met for their convenience and move to their next home.  If they need a couple of weeks after close of escrow to move, perhaps the buyer considers writing that into their offer so that the sellers know that we will work togethter to make it a smooth transaction for everyone.  There are a lot of variables when writing an offer in a multiple offer situation. 

 

Here are some tips that will give your offer an edge in when there are multiple offers:

1 - Have a pre-approval letter from a local lender with a good reputation and proof of funds for your downpayment submitted with your offer.  Having the seller feel good about your financing is crucial.

2 - Find out what terms the seller is looking for and write your offer accordingly if possible.  If they need a quick close or a longer escrow, know that going in.

3 - Don't ask for the seller to pay for non customary closing costs or credits.

4 - Tighten up your contingency periods.  If you can get all your inspections done within 10 days that can help your offer.

5. If the seller has provided reports up front, sign that you have read and received those reports and are making your offer knowing what repairs are needed per those reports.  This does not mean that you cannot get more reports and inspections during your contingency period.

6.  Write a personal letter to the seller telling them a little about yourself and family and why you want to buy their home, if appropriate.  A little personal touch can give  you an edge in a multiple offer situation.

 

Most important is to have your Realtor get as much information as possible about what terms the seller needs and what their expectation is about price.  The more you know the better.

Questions?  Call Jessica at 831.419.9345 or email yoursantacruzagent@gmail.com

 

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Authored by Jessica Wallace, Santa Cruz Realtor

 
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Jessica Wallace
Realtor
Coldwell Banker
831 419 9345
Licensed In: Ca
License #: 01455690
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Comment balloon 2 commentsJessica Wallace • August 16 2016 09:32PM

Comments

Thanks Jessica Wallace for sharing simple but useful ways to win in multiple offers....

Posted by Praful Thakkar, Andover, MA: Andover Luxury Homes For Sale (LAER Realty Partners) over 1 year ago

Thank you for sharing this informative post. Great read...best of luck!

Posted by Jeremy K. Frost, Associate Broker, CNE, CRS, ePro, PSA (Keller Williams Realty) over 1 year ago

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