Winning in Multiple Offer Situations

A quick 2 minutes on multiple offers and how buyers can best submit their offers and agents can write them up.  This house behind me had multiple offers on and there were some consistencies or inconsistencies I noticed with the offers.  When you’re a buyer and you want to buy a home and it’s got multiple offers, the first thing that you need to ask yourself is 1.  How much am I willing to pay for this house, and put that best offer forward.  You may not and likely will not have an opportunity to present another offer so be sure you’re puting that best offer forward so that way if you miss out on it, you’re not kicking yourself for going up a couple thousand dollars when you could have or probably should have. 

So that’s tip #1 when you are dealing with multiple offers.  Any offer, honestly, especially one with  multiple offers, you should have strong escrow.  This house for instance was on the market for $205,0000.  Escrow of $1000 or even $2000 is not strong escrow.  When you are writing an offer, when you are submitting an offer on a property, you should have a stronger escrow.  This house should at least have an escrow of $3000 to $5000 minimum on it especially with multiple offers.  You want your offer to look the best and for your offer to look the best do not ask for things you do not need.

 Do not ask for a home warranty if you’ve got multiple offers.  Do not ask for closing costs that you do not need.  Only ask for things that you need and put your best foot forward at the beginning.  Make sure your offer is clean.  Make sure the title company information is included on it.  Make sure you’ve got strong escrow, you’ve got tight windows – 7 to 10 day inspection period, 30 day closing, if it’s cash, sooner….Make sure you’ve got that information together, and if you aren’t sure abouyt the closing date, ask the listing agent.  Say “Hey, what are these folks looking for?  Do they need more time?” Don’t be afraid to ask those questions. 

You’re in a multiple offer situation, put your best foot forward, strong escrow and don’t ask for things you don’t need.  That’s about all I got for you.

Lisa Jones, Vantage Point Realty.  Hope you’re having a great day.

Post a Comment