Today’s market can be extremely competitive at times! It is important to make yourself and your offer stand-out in a multiple offer situation. This does not mean having the highest purchase price, there are several other ways to beat out the competition, while still keeping within your budget and comfort zone!
Let me introduce to you 7 Tips to Win A Multiple Offer!
1. Get Pre Approved
Obtaining pre approval by your bank or mortgage broker will outline the parameters of your spending budget. You will know exactly what you can afford. More importantly, this gives you the opportunity to submit your pre approval along with your offer, giving the sellers more confidence that you’re qualified and will have a successful closing.
2. Increase Deposit
The larger your security deposit, the more confident the sellers will be in your ability to close. Putting $2,500 down on a $750,000 home doesn’t exactly show you have a sufficient amount of downpayment to afford the house. A larger down payment shows willingness to close the deal.
3. Personal Letter to Sellers
Tell the seller’s a little bit about you, and possibly your family. What the house means to you, whether your plan is to start a family or start your lives as newlyweds. Whatever it might be, write a personal letter to the sellers to be submitted with your offer. This will separate you from the standard agreement of purchase and sale that your competition has submitted.
4. Pre Home inspection
If this is the home for you and you’re headed down a competition situation, invest in peace of mind and consider a pre offer home inspection. It will clean up your offer and won’t run the risk of losing the property based on a condition.
5. Select the right realtor
Your realtor is a representation of you. If the sellers or listing realtor don’t like your realtor, odds are they won’t like your offer. Having someone who is able to articulate your story clearly will stand the best chance of winning. There is always a chance the sellers will select your offer, even if it is not highest.
6. Flexible closing
Having the ability to match a closing date that the sellers require is crucial. Do your best to be flexible with the closing date and keep in mind it may change throughout the process. Often times it’s the difference between an accepted offer and a rejected one.
7. Stay close by
Sign backs happen quickly! If you are able to initial and accept an offer in a matter of minutes, you will find yourself winning the keys over another offer that has been delayed due to the realtor not being able to contact the buyers or due to administrative delays.