Wondering how to handle multiple offers on a house you want? Multiple offer situations happen more often than not in the real estate game. When it comes to getting the house you want there are some great ways to beat your competition out – and that doesn’t always mean offering the highest price. I’ve seen many times where the way in which we present an offer makes our Buyer the most desirable option. Today we are going to discuss some of the top strategies to get your offer accepted in a multiple offer situation.
Right now in the Sacramento market we are seeing much competition for entry-level homes from $450,000 and under. But, that doesn’t mean that competition isn’t prevalent above that price point… because it does happen. The more desirable a home, the more competition.
So, let’s get into it…
Find out what the Seller wants:
I can’t tell you how many times I have a listing and never get a phone call from a Buyers agent, but I get an offer that could have been written better or closer to what my Seller is looking for. Calling a listing agent – something your Realtor should do before submitting any offer will give you more information about a property and might give you a strong advantage when submitting your offer. It saves time and time is of the essence in real estate transactions.
Submit a clean offer:
A “clean” offer doesn’t have mistakes. It’s laid out as close to what the Seller is looking for to not waste time and counter offers. Finding out timeframes, possible rent-backs and things the Seller may have said no to before in other offers all make your offer that much stronger.
Bring your best:
If you’re serious about the house, be sure your offer is reasonable for what the home is compared to the comps. Ultimately, the Seller is looking at their bottom line and how much they will net. Offering to pay for some or all of the title and escrow fees will make your offer stand out. Having strong financing and a larger downpayment also makes Sellers feel comfortable and always have your pre-approval letter submitted with your offer along with your lender copied.
Making an offer with quick contingency releases or no contingencies if that makes sense for your situation makes your offer stronger. This will put the Seller at ease the quicker your contingencies are released.
You should now know how to handle multiple offers on a house you want! These are just a few of the top strategies in a multiple offer situation. We have some more really great pointers we love to make certain we do with our clients. You might also be interested in First Time Homebuyer Tips If you’re thinking about making a home purchase in this market, we’d love to help you find your dream place or another investment! Feel free to reach out anytime!