Multiple Offers – How to Win
When A Seller is presented with multiple offers, the Seller will rely on the Listing Agent to give his/her opinion before choosing which offer to go with. Learn how your offer will be entertained when the Seller receives multiple offers and makes the decision to accept.
Firstly, the Buyer needs to know that the Seller is looking to sell his home in the shortest possible time frame, for the most amount of money he can get and with the least amount of complications possible. With that in mind lets see what would make the offer most appealing and what the Listing Agent would look for in an Offer to Purchase for his Seller;
- Offer to Purchase needs to be completed properly with all signatures, initials and with the necessary supporting documentation.
- A mortgage pre-approval, that should be submitted with the Offer
- If the Buyer puts down an earnest money deposit – is it enough to show how serious the buyer is about getting the home?
- Try and meet the expectations of the Seller as far as closing is concerned. If he wants to move quickly, then try and meet those expectations if its feasible. Your buying agent may be able to call the Listing agent to find out what his parameters would be.
- Make sure that there are no complications in the Offer to Purchase. Winning in a multiple offers situation if you have to sell a home or another onerous contingency in the agreement, could jeopardize your chances of getting your offer accepted.
- Price – What offer will make the Seller’s dreams come true? Don’t bargain for price if the Seller has multiple offers. Your offer will be eliminated first.
- Do not ask for contribution towards costs. In a hot market, that will not work in your favor.
If you do not win in a multiple offers situation, do not be disheartened. Learn from the opportunity. Perhaps your buyer agent could call the Listing agent and find out what was the differentiating factor between your bid and the winning bid. Sharpen your offer for the next one or change your tactic completely.
It is difficult to find a home in popular areas and subdivisions, so be prepared to go the extra mile to win the deal. It may cost you a little more today to buy that home but the peace of mind and memories will serve you well past the price tag.
Looking for an experienced agent to work with when buying a home in a hot market and multiple offers situation? I am Michael Gaddy and my experience can assist you to win your dream home. Call me to find out how I can help you. 704-975-4651
Copyright: vimvertigo / 123RF Stock Photo