The Secret On Winning Against Multiple Offers!
by: Jeff Quintin, on September 11, 2020 - Home Seller Tips
Here are my tips for winning the home in a multiple-offer situation.
If you’re a buyer who is competing against other buyers to purchase a property, what can you do to give yourself a competitive edge?
1. Determine the seller’s needs. Make sure that your buyer’s agent is in contact with the seller’s agent so you can ascertain the seller’s needs. When do they want to close? What’s important to them? Dig a little deeper to find out their motivations so that you can craft your offer accordingly.
2. Have your lender contact the listing agent. If you’re getting financing for the home purchase, have your lender contact the seller or their agent to explain how qualified you are to make the purchase.
3. Remove all contingencies. You need to go in with a strong offer, which means few, if any, contingencies. If you can, waive the home inspection contingency. If you’re pre-approved for a mortgage, try removing the mortgage contingency.
4. Shorten your inspection period. If you are going to get an inspection, shorten the inspection period to five days at a maximum. Also, be sure to get the home inspector lined up right away so that they know you have a deal.
5. Write an escalation clause. An escalation clause is simply a clause in your offer that says you’ll agree to pay a certain amount more than any other offer provided up to a capped amount.
6. Write a personal letter to the seller. Include a picture of you and your family, and be sure to explain why the home is important to you and how you’re going to care for it as they have.
7. Release your deposit to the seller. Agreeing to make your deposit to the seller non-refundable could be a good way to capture a seller’s attention.
8. Show your tax returns or proof of income. The seller wants to know that you’re the best buyer for them.
These are just a few tips we have to help you stand out among your competition. If you’d like more advice in this vein, don’t hesitate to reach out to the Quintin Group. We’d love to help you.