The housing market today is not the market we had even just a few short years ago. Home prices are rising and inventory is low right now. All of our agents at ChangingStreets.com want to help you find the perfect house and when you do, odds are there will be multiple offers on it. What are some options that may make your offer more attractive to sellers in a multiple offer situation? Here are a few:
Before making any offer have your pre-approval letter in hand. Most sellers won’t even consider an offer without proof that the buyer is serious and can afford it. It’s wise to get pre-approved for a loan (or have liquid cash on hand) before you even ask an agent to show you houses. If you don’t, the house you really want may be sold by the time you get your financing in order.
Don’t expect the seller to make a counter offer. It’s important to give your best when there are multiple offers if you really want the house. The seller and their agent will probably take many factors into consideration when determining which offer they will accept. You have to make your offer as attractive as possible.
Don’t ask for lengthy inspection periods when there is competition on the house. A seller doesn’t want to wait around too long for an inspection. If the buyer backs out due to something discovered in the inspection, they have lost valuable time on the market. Most inspections can be completed within a week. Also, you can add an “as is” inspection contingency which allows the buyer to get a proper inspection done in a timely fashion but also says the seller will not be asked to do repairs. The buyer then can decide to buy the house as is, or walk away from the deal.
With your offer include a personal letter about why you want to live in the house and what you love about it. You can even write about how you will take good care of it. A sincere letter may be the one thing that elevates your offer above the others.
Our agents are very experienced. They will help educate you to determine the best course of action based on market conditions and compose a good offer. However, you as the buyer will have to bring all your cards to the table, especially if you really want a house that other people want as well.