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5 Top Tips for Winning a Multiple Offer as a Buyer
There are more stressful things in life than finding out the offer you just signed for your perfect forever home is now going into multiple offers, but not many.
Having gone through many of these situations lately, we have put together the following best tips for winning in an offer competition:
Go with the Best: We put this as point number one because this is the most important decision you make: Choose a realtor or real estate team experienced in competing in multiple offers. Do not leave this to chance – experience counts here more than ever. You need the best information, advice and experience on your side.
Best Price First: Usually in a multiple offer situation, the list price is now the minimum you will have to pay for the home – not the maximum. Put your best offer forward immediately, the highest you are wiling to pay. A price where, if it sells for more, you can say to yourself “that’s OK, I wouldn’t have paid that much anyway.”
Fewest Conditions: It’s not always about the best price. If you offer all cash with no conditions, that offer can beat an offer with a higher price tag that is subject to everything under the sun. Remove as many conditions as you can while still allowing you to sleep at night.
Highest Deposit: A seller will usually equate a high deposit cheque tendered with an offer with a more serious buyer than a low deposit at a later date, and therefore favour the higher deposit.
Inclusions and Possession Dates: Usually a seller is happier if an offer allows them to take more “stuff” with them, and leave less. They also like possession dates that match their ideal move date.
All the above advice can and should be given by a realtor or real estate team experienced in competing in multiple offers.
Your best chance of success is to make your offer strong in the ways listed above, and have a real professional fighting for you and your offer to win.
It’s a fight that is not for the faint of heart.
Tired of losing in multiple offers? Call the multiple offer professionals at the Salt Fowler Team at RE/MAX Vernon at 250-549-7258 and Just Add Salt.
This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.
