How to Succeed in a multiple offers situation!
If you have been searching for your home for a while, I am certain that you have encountered the dreaded words 'multiple offers situation'.
If you are not familiar with a multiple offers situation, this is when a home that you either want to make an offer on or have made an offer, has received more than one offer to purchase. This creates a more competitive situation where you must compete against one or more buyers for the same home.
Over the past 15 years, I have experienced multiple offer situations hundreds, if not thousands of times, as both a broker and a buyer myself and I must say that there is nothing more frustrating then when you find out that a home that you really want to buy has multiple offers on it!
The good news is that I have helped multiple home buyers like yourself to succeed in multiple offers situations!
So what are the best strategies to succeed when you encounter a multiple offers situation?
What I often suggest to my clients is that, if you really want the property, to be prepared to offer full price or higher. There is really no way around this. If you are not prepared to offer full price or higher, I recommend that you continue your home search.
The reason I say this is because a multiple offer situation is a highly competitive situation and you are competing against other home buyers who have a similar emotional attachment to the property. So basically, they feel the same way as you do. They feel that they have found the right home for them. It is everything that they want in a home. They have been looking for while, just like you, and they are ready to present their highest and best offer in order to buy this home.
Next I suggest that you place your highest and best offer because this will be your last and final chance to make an offer on this home. So you might as well make it your absolute best!
You can also make your offer more attractive to a seller by increasing the amount of your earnest money deposit. For example, instead of offering $1000 earnest money deposit, you might want to consider offering $2000 or higher. This will reflect to the seller how serious you are and will make your offer stand out. And remember that your earnest money deposit will be applied towards your purchase price and closing costs.
Another thing you can do is reduce or remove contingencies 8n your offer. For example, a common contingency is a private inspection contingency. This is when your offer is contingent upon successful private inspection of the property. You can gain a slight advantage by either removing this contingency or reducing the amount of time needed for the private inspection. Instead of 7 days, can you get it done in 3 or 5 days?
Let's quickly review:
• Be prepared to offer full price or higher
• Present your highest and best offer
• Offer a higher earnest money deposit
• Reduce or remove contingencies in your offer
You can use these strategies to succeed in your multiple offer situation and if you would like my professional help, advise or consultation, please visit my website at: www.anthonywlegins.com or comment below.
For more useful tips and strategies, you can subscribe to my YouTube channel and follow me on Instagram.