As a buyer, what are some ways that you can incentivize the seller to take a closer look at your offer amid multiple offers? Find out in today’s video.
Last week, we talked about our current market’s multiple-offer environment through the lens of a seller. You can check that video out here if you missed it. Today’s topic is still centered around the frequent multiple-offer situations we’ve been seeing in our market, but this time we’ll shift our focus to the buyers’ side.
As a buyer, the price range you’re looking in will have a lot to do with the level of competition you face during your search.
If you’re looking at a home that’s priced below $200,000 and in tiptop condition, chances are that you’ll be up against other buyers. The same is likely true of well-kempt homes within the $200,000 to $300,000 price range.
“Demonstrating that you’ve come well-prepared carries a lot of weight with the seller.”
Knowing all of this, you’re probably wondering: What can I do, then, to make my offer stand out and gain the upper hand on the competition?
A large part of it is being prepared before you step into the market. This means obtaining a pre-approval letter from your lender. There are even cases where your lender will offer full underwriting for you, so the last remaining piece is approval of the house. Demonstrating that you’ve come well-prepared carries a lot of weight with the seller.
Another point of interest is the inspection period. Although I’d never encourage a buyer to forgo an inspection if they felt it was necessary, there are certain instances that allow us to eliminate the inspection contingency. Lifting this contingency will tend to catch most sellers’ attention. However, if you’re going to sleep better at night knowing the inspection contingency is in place, I’d leave that alone.
It’ll also serve you well, as a buyer, to have some flexibility with closing dates. Sometimes the seller needs to close quickly, and others need extra time before they’re ready. Whichever your seller is looking for, it’d be to your benefit to make this concession. Your agent can relay your willingness to be flexible to the seller and their agent.
These aren’t the only things you can do make the purchasing process easier for you—especially in a multiple-offer situation. For more tips or if you have any questions, please give us a call. We’d be happy to talk with you and see you next time!
