5 Tips to Help You Win in a Multiple-Offer Situation
These five tips will help you prevail in a multiple-offer situation.
Here are five tips that will help you win the home you want in this market:
1. Make sure your offer price is a strong one. We’re seeing buyers’ offers that are a good 10% to 15% above list price, which seems insane, but that’s what it takes to win in today’s market. If you make an offer that’s well above list price, though, you need to be prepared that the home won’t appraise. That’s just the market we’re in, and it’s understood that the buyer will make up the difference between the appraisal value and offer price if the home doesn’t appraise.
2. Come to the table with strong due diligence money. As my team and I tell our buyers: If you’re making an offer, you’re giving a very hefty due diligence amount, so you need to be prepared to go to the closing table. North Carolina is a buyer-beware state, meaning you’re always purchasing a home as is, so it’s up to the seller whether they want to negotiate over repairs. We’re seeing due diligence sums of $20,000 all the way up to $50,000. Since due diligence money is at risk immediately, be prepared to buy your intended home as is and make it to the closing table. Otherwise, that’s a lot of money to potentially lose.
3. Make it clear to the seller that you’re buying as is. For example, make it clear you won’t ask for any repairs, or perhaps waive inspections.
Having an agent on your side who knows the market and has relationships with other real estate professionals in our area will help you tremendously.
4. Ask the seller what’s important to them. When would they like to close? Would they like to entertain seller possession after closing? Anything you can do to help your offer stand out among the rest will help you in a multiple-offer situation.
5. Have an experienced professional agent by your side. Your agent should have a great rapport with the listing agent—that will help your offer win. As a listing agent myself, if I’m working with an agent on the other side who isn’t friendly, isn’t trying to make the transaction a win-win, and seems like they might be difficult to deal with from contract to close, I will share that information with my seller. More than likely, they won’t be excited about accepting an offer from that agent’s buyer. Having an agent on your side who knows the market and has relationships with other real estate professionals in our area will help you tremendously.
Now’s the time to reach out to an agent and start the discussion about making offers, pulling comparables, and helping out with your home search. My team and I are the best when it comes to this, and we’d be happy to have that conversation with you. Give me a call, visit our website, or text LISTING to 555888. I look forward to hearing from you.