HOW TO DEAL WITH MULTIPLE OFFERS.
If you’re in the market for a new home, I’m sure you’ve heard the phrase “multiple offers” recently. You may have also heard how crazy the housing market has been from the media. Multiple offers are no joke - especially when you’ve found a home you love.
What does multiple offers mean? It’s when a property receives more than one offer at a time and the buyers are asked to give their “best and final” of what they would want to offer the sellers.
What are the best steps to take when in multiple offers?
Make sure you’re pre-approved before writing any offers!!! This is so important in any market, but especially today’s market. You want to go into offers feeling confident in the budget you have, and then we can tell the sellers during the offer presentation that you are pre-approved! This typically helps the sellers feel more at ease and may be more likely for your offer to be accepted.
Have your agent find out how many offers there are - there may be only one other, or there may be 11 or more that you’re competing with.
Know your limit - stay within it! It’s easy to feel stressed in multiple offer situations. Make sure you’re staying within your means in terms of price, possession date and condition dates.
Consider strengthening your deposit amount. A deposit is an amount of money that you provide to the seller (held in trust) to secure the sale. It doesn’t change your purchase price, but it does show that you are serious about the property.
Have your agent find out what’s most important to the sellers - is it the highest price? Is it a long possession date? This can help ensure that you can make your offer as desirable as possible.
Talk to your agent about sales and current market trends. We are in these situations often and can give suggestions or advice regarding what works and what doesn’t!
Call me if you’re thinking about looking for a new home. In this market, you need a realtor who is actively working in the marketplace, hustling hard and knows their stuff about the housing market!
If you have any questions, as always, feel free to reach out!