How to Compete
In today’s competitive real estate market, it is extremely important to work with a buyer’s agent who is actively advocating on your behalf.
And the good news is that the buyer’s agent is free to the buyer. That 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.
Below are some tips to help YOUR offer get accepted when there are 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.
- Write a buyer’s letter to the seller. This letter should be short and sweet. Explain why you like the home and a little background about you and your family.
- 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.
These are just a few tips to help you compete in a multiple offer competition. Give me a call at 503-936-3373 to discuss your options. I’m always happy to help!
- 5 Tips for Homebuyers Who Want to Make a Competitive Offer | Keeping Current Matters
- Top 10 Tips How to Write a Home Buyers Letter | Realtor.com
- Do You Know Who’s Representing You | SkyBlue Portland