Multiple Offers

What do you do, when you find you dream home and it has multiple offers? Watch below to find out.

That “Feeling” You Get...
Let’s talk all things multiple offers. Okay, maybe not all things but a few things.

The scenario, you’ve found your dream home and then you find out there are already offers on it. Here are six things you can do to increase your chances of getting it.

Number one, your agent should reach out to the listing agent and find out what is the most important thing to the seller? Is it a higher offer in price or is it the closing date or maybe they don’t wanna pay for many or any repairs.

Number two, your agent should also ask the listing agent when the other offers expire. In other words, when do they have to respond to the other offers? It is disheartening when you write an offer only to find out that the sellers have already accepted an offer. However, if you and your agent know the deadline, but wait to send your offer right at the deadline or after the deadline, the listing agent has most likely already responded to other offers they had. So if you know the deadline of the other offer or offers, it’s very important that you make dang sure your offer is in the listing agent’s hands at least 30 minutes to an hour before the other offer deadlines.

Number three, I always ask my clients to offer their losing price. Ask yourself, what is the offer that is high enough to not cause you discomfort, but that you will be okay if a seller accepts another offer. That way, you are putting your best foot forward knowing that you did your best and you won’t have any regrets. Note here, if you don’t get the house, most likely it wasn’t meant to be, and I will find you something better.

Number four, give your lender permission to call a listing agent direct and tell that listing agent how qualified you are. This gives the listing agent and the seller greater confidence in your ability to buy.

Number five, make sure your offer is complete. You should be pre-qualified at the time you make an offer. A pre-qualification letter or proof of funds, should be attached to your offer. A little extra twist to this, is you could also attach proof of funds demonstrating that you have the down payment money. No matter what it is, whether it’s $1,500 or $150,000.

Number six, this is a tip that’s not widely used in our area. When you place your offer, make your earnest money nonrefundable. I know not everyone will want to do this and that’s okay but it just might tip the scale if there are multiple offers. This means that if you’re offer is accepted, if you do not close for any reason, even inspection, the seller will keep your earnest money. Otherwise at closing, your earnest money, as normal, would be credited to the purchase price. Use all of them or one of them. It is completely up to you as it’s your home purchase. If you need someone to guide you through the process let anyone on our team know. We would love to be the one to help you find your dream home. Remember, we want you to love where you live. See you soon.

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