How to Win in a Multiple Offer Situation
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How to Win in a Multiple Offer Situation

 

The current real estate market is Hot! Hot! Hot! 

Inventory is low, so that means there are more people looking at and bidding on the same properties. We’re seeing houses sold within a day of being listed, and some even without hours. So what can you do to enhance your chances of getting the home you want when faced with a multiple offer situation?

Linda Sowell, founder of Sowell Realtors, always advises her clients to do their own research to examine the comps in any neighborhood in which they have an interest. “Knowing the numbers (comps) and getting pre-qualified to know what you can afford are two things that any perspective buyer can do,” said Sowell. "Going over those comps with your realtor will make sure you understand the validity of the numbers. These steps ensure that a buyer is in position to make their best offer when they find a property of interest. Since timing is key, they are prepared to go in with their best offer — and that is vital because there isn’t likely to be a second opportunity to make a counteroffer.”

Knowing what you can afford doesn’t mean you have to offer that full amount. In fact, it may lead you to look at properties that are priced $25K or so less than your top dollar. That approach leaves the buyer the leeway to make an offer they can afford that is over the asking price.

Something else to keep in mind is that, generally, people want to sell their home to someone else who loves it. One way to communicate that is to write a letter to the prospective seller explaining to them why you want their home. Mention what you find special about it or what attracted you to it. Making a personal connection can be the thing that puts you on top.

Lastly, being flexible may be your trump card. The dates of closing and possession can be very important to the seller. Being flexible and arranging those dates to accommodate the seller’s plans can work in the buyer’s favor. 

 

Posted by Emily Keplinger at 8:22 AM

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