Tips to Win in a Multiple-Offer Situation
Here are four great tips to help you win in a multiple-offer situation.
There are currently many buyers in the market, and everyone's competing against each other. That means you may lose out on a few homes before you win one. So today I’m sharing four tips to help you prepare for a multiple-offer situation.
1. Talk to your lender. This is likely the most crucial tip today. Find out from your lender whether you can waive your financing. Discuss every scenario and how each one will affect you. Not having a financing contingency will appeal more to sellers.
2. Discuss the price with your agent. Discuss the sales in the community from the last 60 days. We used to say to look at what homes have sold for in the past six months, but prices have changed dramatically this year, so that’s no longer viable. 60 days is a much better gauge. Also, make sure you offer over asking price because it shows the seller you truly want the house.
3. Try to waive the appraisal. Often, the bottom line for the seller is to net as much money as possible. However, waiving the appraisal will appeal to them. Talk to your Realtor about whether it’s a smart decision to skip the appraisal, and also speak to your lender because if you have a larger down payment, waiving the appraisal may not even affect you.
4. The fewer contingencies the better. I would never recommend buying a home without doing an inspection. So what I usually suggest, if the seller will allow it, is to do a pre-inspection. That means you’ll hire an inspector, they’ll walk you through the major elements of the home, and you can find out whether you can afford any needed repairs.
If you have any questions or need more information, please feel free to contact me via phone or email. I would love to help you.