Get your Offer Accepted- Win in a Multiple Offer Situation

I sent this home to my client late Sunday night on October 1st. He responded positively the next morning that he WANTED to see that house asap. Unfortunately, he was out of the country and couldn't see it in person. We also received news from the listing agent that they had already received 4 offers and were reviewing that evening. After speaking on the phone with the agent, she was able to extend until NOON the next day. I got up early and was at the house by 8:00am to show the house to my client over FaceTime. He LOVED it and we discussed putting in an offer. He didn't want to go very high on the price so we put in a price that was comfortable for him.

The agent called and told me that they had very strong offers from all parties. The only way for my client to win was to move up his closing day. After discussing with his lender, we were able to move up the closing date and get an ACCEPTED offer.

Having an agent with great communication skills could really help your case to win in a multiple offer situation. Listing agents don't like to be left in the dark. If they feel like your agent is not a good communicator, they will likely advise their client NOT to go with you. Work with someone who has STRONG communication skills, negotiation skills, and who is someone with integrity. Contact me, Jenelle, if you're looking to buy or sell!

Other tips to win in a multiple offer situation when buying real estate property can be challenging, but it's not impossible. Here are some tips to help increase your chances of success:

Get Pre-Approved for a Mortgage: Having a pre-approval letter from a reputable lender can give you a competitive edge. It shows sellers that you're a serious and financially qualified buyer.
Work with a Local Realtor: A local real estate agent who knows the market well can provide valuable insights and strategies for winning in a competitive market.
Understand the Market: Research the local real estate market thoroughly. Know the neighborhood, recent sales, and current market conditions. This information will help you make a strong, competitive offer.
Offer a Competitive Price: Your initial offer should be strong and competitive. Lowball offers are likely to be dismissed in a multiple offer situation. Consult your real estate agent to determine the right offer price.
Earnest Money Deposit: Consider offering a larger earnest money deposit. This shows the seller you're committed to the purchase and are willing to put your money on the line.
Flexible Closing Date: Be flexible with the closing date. If the seller needs to close quickly, accommodating their timeline can be an advantage.
Write a Personal Letter: Consider writing a heartfelt letter to the seller. Explain why you love the property and why you'd be a great fit for the neighborhood. Sometimes, an emotional connection can sway a seller's decision.
Waive Contingencies: If you're comfortable with the property's condition, you can consider waiving some contingencies, such as the inspection contingency or financing contingency. However, this can be risky and should only be done with careful consideration.
Escalation Clause: This is a clause that allows your offer to automatically increase in increments if there are higher competing offers, up to a maximum amount. It can help you stay competitive without constantly revising your offer.
Shorten Inspection Period: If you're confident in the property's condition, you can shorten the inspection period to make your offer more attractive to the seller.
All-Cash Offer: If you have the means, an all-cash offer is highly attractive to sellers as it eliminates financing-related uncertainties.
Work with a Reputable Lender: Make sure your lender is known for reliability and can close the deal quickly. Sellers often prefer buyers who have financing in place.
Be Responsive: Respond to all communication quickly, and make sure your real estate agent is responsive as well. Delays can be a turn-off for sellers.
Present a Clean Offer: Keep your offer simple and free of unnecessary contingencies or demands. A clean offer can be more appealing to sellers.
Stay Within Your Budget: Be careful not to get caught up in the excitement and offer more than you can comfortably afford. Stick to your budget.

Remember that each real estate market is unique, and the effectiveness of these tips can vary. Consult with your real estate agent to tailor your strategy to the specific circumstances of the property you're interested in.

- Jenelle