I don’t think there is one other situation or scenario facing buyers in a competitive real estate market that’s more frustrating than multiple offers.
It’s tough when you fall in love with something and then realize other people have fallen in love with it as well.
There is also right or wrong answer when it comes to what you should do to make your offer stand out but below are a few things to consider.
Offer over asking
Because in multiple offers it is almost guaranteed that someone has given them their asking price. And depending on the total number of offers someone has more than likely offered even more. Our client just offered $20K over asking and lost.
To buyers who struggle with how much is too much our best advice is to come up with a number that makes you comfortable, a number where you won’t kick yourself for not paying more and if someone offered higher you wouldn’t have wanted to pay that anyway.
Consider your financing and keep it clean
The more money you can put down the stronger your offer will be. Asking the seller to pay closing costs? Consider paying your own way. Get approved with a reputable lender, make sure you have a strong pre-approval letter and consider adding a loan commitment date. This is a date a week or two prior to closing where you agree to have a clear to close on your loan, guaranteeing that you will close on time.
Take a look at your contingencies
I would never recommend waiving your right to get an inspection but know that others may do just that. What I would recommend is shortening the number of days (the timeframe) if you can.
Be flexible on the closing date
Let the seller pick the closing date. This is especially key if they already purchased a home and are trying to line up the purchase dates.
Add a personal letter
Writing a letter to the seller gives you the opportunity to connect at a personal level. Tell them why you want their home, what they like and why they should chose you. Some people feel a strong connection to these letters.