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    5 Tips to Help You Win in Multiple-Offer Situations

    Here are five tips to follow to win out in a multiple-offer situation in a buyer’s market.

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    As a buyer, how do you compete in a multiple-offer situation in a buyer’s market?

    First of all, you should know that the winning offer is often less than the listing price in these situations. Also, the number of offers are generally considerably lower, meaning you’re more likely to compete against one other buyer instead of 20.

    Now, here are a few tips to remember to help you compete against other buyers:

    1. Sell your existing home first. Buyers gravitate toward offers that don’t have a home sale contingency. If you’re a first-time homebuyer, this means you already have an advantage over buyers who need to sell before buying.

    2. Play nice. Don’t ask the seller to give you personal items, or ask them to pay the closing costs. Find out which items are customarily paid for by the seller and offer to pay for a few of them, such as the title fee, transfer fee, or escrow policy. Also, ask your agent to befriend the seller’s agent. Sometimes sellers reject offers based on what their agent has to say about the buyer’s.

     

    The winning offer is often less than the listing price in these situations.

     

    3. Find out what’s important to the seller. Ask your agent to find out what the hot-button issues are in the offer. These can include things like the seller’s requests or agent expectations. Ask what will seal the deal and then deliver that to them. Maybe it’s a fast closing, or a longer-than-usual escrow period.

    4. Share the love. Most sellers have an emotional attachment to their home, and they want to see it fall into the hands of an acceptable buyer. Be that acceptable buyer. Write the seller a brief letter explaining why you love the home and why you deserve to be chosen as the winning offer. Be sappy but sincere.

    5. Prepare for a counteroffer. You can write the best offer possible, but the seller’s agent will still advise them to counter it—even in a buyer’s market.

    If you have any more questions about writing the best offer possible or you have any other real estate needs, don’t hesitate to call or email me. I’d be happy to help you.

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