How To Win Against Multiple Offers
In a competitive seller’s market, buyers in all stages rely on my expertise. From setting expectations up front, to the continued coaching and long-term engagement, I’ve compiled some tips and best practices to help you stay competitive.
• Establish your must-haves and deal breakers right away. This way, when the right home does hit the market, we will be ready to move forward quickly and with confidence.
• Have realistic expectations when the market is this competitive, and homes are selling fast. Ensure you are prepared to move quickly.
• I encourage you to get pre-approved as soon as possible. Otherwise our offer won’t be as strong.
• If you are financing, let us discuss your comfort level with and ability to make a larger down payment or pay more than the appraisal in some cases. This can help make your offer more competitive.
• Work to shorten the closing date if the property is vacant or the seller has a short timeline.
• Shorten the inspection period or we can do a pass/fail inspection.
• Understand the seller’s motivation and explore leaseback options with the seller if they are purchasing another home.
• Offer delayed occupancy as an option to allow the seller more time to move.
• I may ask “How would you feel if you lost this home by $3K? What about $5K?”
• Ask the lender to call the listing agent to speak to your buyer’s qualifications.
• Leverage escalation clauses to help buyers win the offer, without exceeding your budget.
• Offer to pay the seller’s closing costs, excluding realtor fees, if we can.
• If your offer falls through, don’t give up. I will continue to search the market and work in a lot of different ways towards the end goal: to close on a home they love.