How To Win In A Multiple Offer Situation
You finally found the home you want to make an offer only to find out it has multiples offers… has this happened to you? Tired of running in to this situation over and over? Are you done with your offer not getting accepted for the tenth time? Let me show you some tips of how to win in a multiple offer situation.
First and foremost let me just say that you can’t win them all, there is always someone who may be in a stronger financial position and more willing to give more for a property. It could be a cash offer above asking price that wins the bid, but can you blame the seller? A cash offer has no strings attached, is guaranteed and no appraisal issues to deal with either. So just know those are out there and they can be tough to beat, but the tips I give you will get you very close if not better than their offers.
Remember sales price isn’t everything, this is a big myth that needs to go away thinking the sales price is the most important item. In reality the sales price is just part of it but none the less it is important. The most important item tends to be the seller’s bottom line, which is different the the sales price.
Do your home work, as an agent I start by doing research to see where the property stands compared to the market. This will help you determine a good price to offer whether it is at the asking sales price, lower or higher.
Next work on all the details of the contract and make each one as strong as possible. So how much down payment will you make, earnest money, are you fully credit approved, how much time to close and what about a lease back? Will you be asking for the seller to pay any of your closing costs? How about an option period, how much time do you need and what amount will you pay for this option? Would you consider doing no option? Which could mean no inspection? Remember when I said the sales price is not everything? This is what I mean, get these details as strong as possible and it will make your offer really stand out.
Consider writing a personal letter to the seller on why you want the home. Be specific to the property, maybe it is the layout or the neighborhood or because you grew up on the same street. Maybe you like the back yard or the remodeled kitchen the seller had done. Find a way to make it personal about you but also about the seller’s home, this will help make your offer stand out. Remember to many sellers this is their home and they want to see it go to a good owner who will take care of it like they did.
Remember to do some research and find out if the property is properly priced. It is not all about the sales price, the details matter so make those as strong as possible. Get personal by writing a personal letter to the seller on why they should pick your offer. These tips should help make your offer stand out for sure.
With a heart of a teacher I look to educate my clients about the process of buying, selling or renting real estate. I strongly feel an informed and educated consumer will make better decisions and be less likely to be taken advantage of.
Have questions about this or other topics, don not hesitate to contact me.
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Luis Cuevas, Realtor®
RE/MAX Cross Country
1990 Justin Road
Highland Village, Texas 75077
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