Wednesday, July 12, 2017 / by Tom Nickley
How to Be Successful in Multiple-Offer Situations
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Here in Orlando, the market is hot and more often than not we are finding that buyers are competing in multiple-offer situations. Unless you really understand what it takes to be successful, you’re properly educated by a great agent, and know how to position yourself in these situations, then you will find yourself easily frustrated by the home buying process. So today I wanted to list four things that you can do to compete in multiple-offer situations.
1. Be fully pre-approved by a local lender. You want to make sure that they will absolutely go to bat for you in these types of situations. The days of getting pre-qualified are over; you have to be fully pre-approved and have undergone an underwriting process. You should also look for a lender who knows the market well and is well-respected locally. They should be someone who is willing to call the seller on your behalf so that your offer can stand out from the rest.
2. Be ready to play ball. A lot of these multiple-offer situations are happening in the first few days of a home being listed. If you want to compete in today’s market, you need to be ready to put in an offer right when you find the home that you want. Be ready to put in a strong offer at or over asking price, with little to no concessions, a short closing date, and a high earnest money deposit. You want to really be ready to put the terms forth to make your offer stand apart from all the others.
3. Spice up your offer with added incentives. Write a personal letter to your seller telling them why this house is important to you and your family. Offer for the seller to be able to rent their house back free of charge for them to be able to move into their new home. Give a short inspection period. Spice up your offer by offering things that the other buyers are not including.
4. Hire a top-notch agent or team. You want to work with someone who really understands the market and is winning in these multiple-offer situations. Make sure they understand what takes for you to succeed and are educating you ahead of time. You want someone who is proactive, not reactive.
If you have any questions about this topic or you’re looking to buy or sell your home, give us a call. We can help you navigate these multiple-offer situations and help you find and buy the right home, as well as help you sell your home for top dollar. We look forward to hearing from you!
1. Be fully pre-approved by a local lender. You want to make sure that they will absolutely go to bat for you in these types of situations. The days of getting pre-qualified are over; you have to be fully pre-approved and have undergone an underwriting process. You should also look for a lender who knows the market well and is well-respected locally. They should be someone who is willing to call the seller on your behalf so that your offer can stand out from the rest.
2. Be ready to play ball. A lot of these multiple-offer situations are happening in the first few days of a home being listed. If you want to compete in today’s market, you need to be ready to put in an offer right when you find the home that you want. Be ready to put in a strong offer at or over asking price, with little to no concessions, a short closing date, and a high earnest money deposit. You want to really be ready to put the terms forth to make your offer stand apart from all the others.
"You should look for a lender who knows the market well and is well-respected locally."
3. Spice up your offer with added incentives. Write a personal letter to your seller telling them why this house is important to you and your family. Offer for the seller to be able to rent their house back free of charge for them to be able to move into their new home. Give a short inspection period. Spice up your offer by offering things that the other buyers are not including.
4. Hire a top-notch agent or team. You want to work with someone who really understands the market and is winning in these multiple-offer situations. Make sure they understand what takes for you to succeed and are educating you ahead of time. You want someone who is proactive, not reactive.
If you have any questions about this topic or you’re looking to buy or sell your home, give us a call. We can help you navigate these multiple-offer situations and help you find and buy the right home, as well as help you sell your home for top dollar. We look forward to hearing from you!
