Let’s talk about how you can win in a multiple-offer situation.

The real estate market is crazy right now! More and more buyers are looking for homes to purchase and inventory is shrinking. That means that buyers will undoubtedly be up against multiple offers when they do find a home they want. So how can you position yourself against the competition and come out on top? Here are my tips:

1. Make your earnest money deposit as large as you can. Your earnest money goes toward your closing costs anyway, so why not show the sellers how dedicated you are to winning this bidding war? Getting a little aggressive with that number will only benefit you.

2. Have your pre-approval ready to go. Many people want to find a house before they go through the mortgage process, but having your pre-approval letter on deck will show the seller how serious you are, not to mention how it can also bring up a number of other negotiating points.

“Buyers will undoubtedly be up against multiple offers.”

3. Be flexible with your closing date and acceptance time. Dates are often a touchy subject when it comes to contracts, but you can make your offer stand out to the seller by allowing them extra time to move (if they need it) after closing.

4. Cut down the inspection time. In today’s market, the typical inspection period is around 10 days. If you’re working at the right pace and with the right person, you should be able to cut that time in half. The seller sees that period of time where a buyer can pull out of the deal without any penalty, so by shrinking it, you’re showing the seller that you’re in it for the long haul.

5. Make an offer above list price. If you really want to win in a multiple-offer situation, sometimes you have to go higher than list price. I’ve heard of some properties selling for as much as $25,000 over list price! Now, for some, that’s not always feasible, but there are still other ways to entice a seller, such as by waiving the appraisal (mind you, you will need your lender’s approval if you do that).

If you have any questions about buying a home in today’s market, don’t hesitate to reach out to me. I’ll be glad to help however I can.