Most all of the properties selling today are selling with multiple offers. So how can you improve your odds of winning a multiple offer scenario? Follow these top six tips and increase your odds of getting the property!
1. Documentation
Make sure to submit your offer with a current pre-approval, and a bank statement showing adequate funds for the downpayment and closing costs.
2. Down Payment
The higher the down payment, the better the offer. Also – get out of doing an FHA or VA loan, if possible – they have much stricter appraisal guidelines and sellers may try to avoid working with them. Try a 3% or 5% down conventional loan instead.
3. Limit Contingencies
This is a tough one, but try to shorten loan, appraisal and inspection timelines. There are a lot of cash buyers out there, and they are your strongest competition. Talk to your lender about comfortably shortening timelines.
4. Your Agent
A competent agent will help you more successfully navigate a multiple offer scenario, and may have connections and relationships with sellers and selling agents. I use this to my advantage and get my clients dozens of extra deals per year!
5. Timing
Get your offer in ASAP… time kills deals!!
6. Always Best and Final
You have no guarantee that a seller will counter you. Always make your best offer out of the gate.
Follow these steps and you’ll be well on your way to success in winning out a multiple offer situation. For more top secret tips and tricks that I don’t want to share with my competition, complete the contact form below.
Published on 2017-05-09 15:37:42
