There are a few ways buyers can win in a multiple-offer situation.
How can buyers win in a multiple-offer situation? Inventory is very low, so it’s critical to have a strategy in place to get your offer accepted over another.
Of course, price is the largest consideration, but the financing, or how you go about purchasing the home, has a big impact. Cash is the strongest thing to offer, and a cash exhibit proves you’re able to get financing if needed. Also, a pre-qualification letter is crucial, as it will give you a head start on buying a house. I recommend going to a local lender so the other party will immediately recognize them.
You want to make sure you have strong earnest money. Some real estate agents say this isn’t essential, but it’s a huge deal when it comes to multiple offers because it shows how committed you are. Additionally, if possible, have a shorter due diligence period; this is the number of days you’ll take to inspect the property to ensure it’s a solid deal. We sometimes have inspectors lined up in advance of finding a property to keep the due diligence period shorter, which makes your offer stronger. We try to keep this period to 10 days, when possible.
It’s critical to have a strategy in place to get your offer accepted over another.
Often the tie-breaker is possession; I’ve had sellers choose an offer with this stipulation, even when another offer had a higher price. Consider what you need, then find out what will best suit the seller. For example, sometimes the seller needs to stay in the home a bit longer after closing for various reasons.
If you have any specific questions about multiple offers or real estate in general, don’t hesitate to give me a call or send an email. I would love to help you.
