How to Compete with Multiple Offers
The most important step is to work with an experienced buyer’s agent who is actively advocating on your behalf. The good news is that the buyer’s agent is free to the buyer. Thats right, FREE.
Unless you agree to other terms in a written contract, the buyer’s agent is paid by the listing broker. So why not have an EXPERIENCED advocate on your side of one of the most important financial transactions you may ever make?
In today’s market, inventory is low. That means that it’s a seller’s market and having a qualified buyer’s agent is Rule #1 in this type of market. I assist my buyers with market research and ensure that we have all pertinent information in advance–so their offer to purchase stands out from the crowd.
Six Ways to Compete with Multiple Offers
- Have a buyer’s agent that is solely vested in your interest.
- Have a pre-approval letter from a local qualified lender. There is a huge advantage to working with a lender that has a proven track record. Talk to your realtor and get a local referral.
- Be prepared to offer over asking price. When we’re in a seller’s market, multiple offers are the norm. Talk to your realtor in advance, so you know what to expect.
- Increase your earnest money deposit. The earnest money is typically 1-3% of a home’s purchase price. A larger earnest money deposit shows you’re serious.
- Agree to pay over appraised value. I know this sounds crazy! However, when we’re in a competitive market. it happens all the time. Talk to your realtor and weigh your options.
- Shorten your timelines. Offer the seller a shorter inspection period and a quick close to make your offer stand out from the competition.
If you’re serious about getting your offer accepted, the first step it to find a great agent and then complete a Buyer Consultation. What’s a Buyer Consultation? Click the link below to learn more.