How To Win In A Multiple Offer Situation
You just visited the home you can see yourself living in or even raising a family in. The only problem is that your realtor suggests that you put an offer in right away if it's "the home" because there are multiple offers flooding to the current homeowners. So, you think to yourself, is it even worth putting an offer in?
This is the reality of many when searching for a home right now. Homes are listed and sold within days or sold before even listing. But when you find a home that you really want, it's absolutely worth putting an offer in even while knowing there are several other offers on the table. Here are a few tips to help make your offer stand out on top:
Get pre-approved from a local lender
We recommend getting pre-approved before even looking at homes, so that you know how much you can afford and you are looking at homes within your price range. Being pre-approved can make or break your offer. For example, if two couple put an offer in on a house and one is pre-approved while the other is not. It is likely that the pre-approved couple will win with their offer since they have already spoken with a lender and started the mortgage process. It's also important to note that getting pre-approved from a local vendor is highly recommended over an online lender. Having someone local that the seller's realtor can get in contact with quickly can also help you win in a situation where there are multiple offers.
Have your agent call the listing agent
We do this all the time! Have your agent call the listing agent and ask if there is anything that you can do to better accommodate the seller. Sometimes the seller will have quirky timing or something like that and it's good to know, so you can better tailor your offer to them.
Write a letter to the seller
As agents, there are certain things that we can't disclose within your offer. Writing a personal letter to the seller can help bring emotions into your offer that the other offers may not have. Tell them what you love about the home and how you can see yourself living there. Sometimes these little things can help the seller choose your offer in a situation with multiple offers.
Be prepared to go over asking price
Many homes with multiple offers end up selling over asking price, so you need to be prepared for that. For example, you could offer an "acceleration clause" that you would pay $1,000 over the highest offer (up to a certain dollar amount, of course) to try and win out over the competing offers.
If you have any questions, please feel free to reach out to us. If you're looking to buy a home, please fill out what you can within our Buyer Profile and we'd love to help you find your next dream home!