As a buyer, how do you win in a multiple offer situation?
The current market situation is that we are firmly in a typical seller’s market. There’s a limited inventory of houses for sale, yet more and more buyers are entering the market.
Due to this market condition, sellers are facing what is called a multiple offer situation. Many bids are coming in, and the price of the property is on the rise. The seller is looking for top dollar at this point. But the truth is there’s more to winning a multiple offer situation than simply upping your offer price.
As a buyer, how can you make your offer “the final” offer?
Rachel Williams and Samantha Outlaw of Reach Home Loans share some helpful tips to get sellers to accept your offer. But first, let’s check out how you can make your offer stand out.
When a family sells their house, there is an emotional aspect to it. As a buyer, you should want to appeal to the emotions of the seller. Why should they sell the house to you?
Whether it’s a handwritten note to the seller explaining why you are the best buyer for their home or photos of your dogs or your kids, make the message heartfelt for the seller. You need to add that emotional piece so that they’ll feel like they’re selling their home to somebody who’ll take care of it.
In general, sellers want to sell as fast as possible. And more importantly, they need that cash right away. It means that you, as the buyer, must not set too many limitations or contingencies that’ll prevent sellers from enjoying the fruits of the sale.
This is why you need to choose your lender wisely. You need to find a lender that can provide a 14-day loan commitment, accept less than 30 days closing period, and tighten up all of those contingency periods — making you appear more like a cash buyer. You can also use escrow, so it’s aggressive. However, you need to put up about 10 percent that goes straight towards your down payment at the closing. It’s just a matter of showing that you are more serious about your offer.
Lastly, you need to make your offer a lot sweeter by adding creative features that’ll entice the seller to close the sale with you.
You can offer to take some of the closing costs off the sellers or shoulder the transfer taxes on the deed, which is something that the seller usually pays for.
Moreover, you can add a little appraisal to add an extra nudge to the seller. As long as it makes your offer more attractive, you can be creative about it.
Don’t lose another multiple offer situation. Reach Home Loans offers quick and fast home loan pre-approvals and pre-qualifications to make the buying process smoother and faster. At Reach Home Loans, we can provide you different home loan products that best match your qualification as a borrower. Contact us now at 954-703-1465, and let’s find a way to your dream home.
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