You’ve found “the one.” It’s perfect. Then someone comes along to spoil it. Suddenly you’re in a multiple offer situation.
Sound familiar? These days we’re seeing more and more multiple offer situations. It’s a supply and demand that in many price ranges is favoring the seller. So what should you do it you’ve found “the one?” You don’t want to lose another…
Offer your best price first. We sometimes are seeing higher than list price too. Of course, you want to make sure that if there’s financing involved, you have an appraisal contingency to protect you. Your buyer’s agent should be able to guide you with comparables to support the pricing.
Make sure you’re pre-approved (and not just pre-qualified). The difference is verifications. Have you filled out an application? Has the lender asked for your pay stubs and bank statements? Those are good clues that you’re on the right path to a true pre-approval. The lender will verify before issuing a letter stating how much house you can afford. A pre-qualification is often a verbal interview without the supporting documentation. Providing this letter with your offer removes a lot of concerns when evaluating and offer.
Contingencies. Make sure your inspection contingencies are tight, meaning not an excessive amount of time. Once your offer is accepted, you need to get right on the inspection process so that part can be checked off the list.
Write a letter to the owner. I’ve helped many people through the years, and I can tell you that a sincere letter from a buyer sharing how their family is going to LOVE your home simply tugs at the seller’s heart. All things being the same, they will most likely lean toward your offer.