If you find yourself in a multiple offer situation as a buyer, there are a few ways you can ensure that your offer comes out on top.
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If you’re on the hunt for a home in this market, it can be tough. There isn’t a lot of inventory available and there is a lot of competition from other buyers in many price points. How can you make sure your offer percolates to the top in a multiple offer situation?
The first thing you can do—which is something our team specializes in—is work with your agent to reach out to the seller’s agent and ask them what’s so important to their client about selling their house. The reason for this is you want to match your offer to the motivation of the seller. Sometimes they want to sell the house as fast as possible; sometimes they need a 60-day rent-back agreement after it sells. If you don’t have that communication to understand what’s important to the seller, you won’t be able to position your offer accordingly.
The first thing you want is for your agent to reach out to the buyers’ agents and ask for their clients’ highest and best offers. You want to let them know that it might be their final chance to put their best foot forward.
Next, incorporate a letter to the seller and send it to them. This means writing a personal, heartfelt letter further expressing your interest and why you see yourself living there. We’ve been able to get many clients’ offers accepted that were priced below the competition based on these kinds of letters.
On our team, another thing we like to do is focus on agent relationships. We have a strong reputation for working hard for our clients. We negotiate on your behalf and make sure we’re doing everything that we agreed to do up front. This way other agents in our market know we perform our tasks and duties and do our job and it makes them more comfortable accepting your offer and moving forward with us.
Finally, ask yourself—what is the most you’re willing to pay? If your offer doesn’t get accepted, you don’t want to be kicking yourself the next day knowing that you would’ve been willing to offer more. At the same time, you want to make an offer that won’t make you feel like you overpaid if it did get accepted. Everyone has their sweet spot, so that’s up to you to determine. A lot of times, you only get one shot though.
If you have any questions about how to win a multiple offer situation as a buyer in our market, please don’t hesitate to reach out to me. I would be happy to help.