As a buyer, how do you handle multiple-offer situations? Today I’ll answer that question for you.
In today’s market, some buyers are finding themselves in a situation where they’re competing with other buyers for the same house. When we’re working with a buyer and we find ourselves in a multiple-offer situation, we always provide our clients with the following tips:
1. Have your agent get to know the listing agent and figure out what terms are important to the seller. Is it a specific closing date? Are they focused on the contingencies of the contract and the respective deadlines? Once you have that information, you can put together an attractive offer for the seller’s consideration.
“A multiple-offer situation may happen when a property has first been introduced to the market—you may even see one within the first few days after listing.“
2. Submit a buyer letter with your offer that lets the seller know who you are and why you love their home. If the seller has lived in that home for many years, they’ll want to know that they’re passing the house along to someone who will cherish it as they did. This will help your offer stand out from the rest.
A multiple-offer situation may happen when a property has first been introduced to the market—you may even see one within the first few days after listing. There’s an ebb and flow to the market, and I’ve seen many occasions where the buyer has found themselves in a multiple-offer situation after the property has been on the market for several weeks or even months.
If you have any questions about multiple-offer situations or how to handle them, please feel free to reach out to me. I’d love to hear from you!