Today I’m giving you some tips on how to beat out other offers when trying to purchase your dream home.
How can you win the home you want in a multiple offer situation?
Let’s imagine you found the perfect home, so you instruct your agent to submit an offer. That night you dream about the house and toss and turn thinking about paint colors and furniture. The next day your agent calls to tell you the sellers selected another offer. How devastating!
To make sure that doesn’t happen to you, you need to follow a few tips on how to make your offer stand out in this competitive market.
First, shorten or waive some contingencies. You should always do an inspection, but you can shorten the amount of time that’s given to speed things along. Also, if you are offering above list price, it would be worth speaking to your agent about waiving the appraisal contingency.
Second, accommodate the seller’s preferred schedule. Have your agent check out the seller’s situation to see if they are trying to close quickly or if they need some more time in the home. If you can accommodate the seller’s schedule, your offer could be more valuable than a higher priced offer that can’t.
Third, act quickly! If you find a home you love, be ready to write a strong, clean offer without making too many demands on the seller. For example, don’t give the sellers a cutoff time for their answer unless you have a legitimate reason for the rush. If that’s the case, have your agent politely discuss it with the listing agent, but don’t make your offer contingent on a set time.
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Finally, go in with your best and final offer right away. Don’t wait until you know there are multiple offers. Contrary to popular belief, sellers don’t have to let buyers know that there are multiple offers. They can pick one right away, so don’t wait for a second chance.
Go in with your best and final offer right away!
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If you have any other questions about winning in a competitive home buying scenario or you’re thinking of selling your house, don’t hesitate to give me a call or send me an email soon. I’d be glad to help!
