The home buying market is competitive right now, with a low amount of inventory and a high amount of buyers. It means that if you’re looking to buy, your bids have to be appealing to the seller in order to come out on top.
- Be Organized. Sellers want your offer to be organized and easy to follow. Even though this may be a harried, confusing time for you, you don’t want the sellers to see you sweat. Make sure you know how the seller wants to offer, if they have a deadline and if anything is important to the seller. Namely, do they want a quick closing or a delayed one?
- Play on Emotions. Most likely the seller you’re working with loves the home they’re in. Most people move to up-or-downgrade, or need to change locations. If you get the impression that your seller falls into one of these categories, write them a heartfelt letter explaining why you love their home. They likely want to make sure that someone who will appreciate their house ends up living in it. Bonus points—if you have children, have them chime in on why they love the house.
- Don’t Lowball. We’re in the middle of real estate’s busy season. That means that lowball offers, especially in a multiple-offer situation, won’t fly. Make your number one that’s attractive. There are also people who swear by making your number stand out—add a number to the end instead of keep it at a whole number.
- Escalation. If you really love a house, but don’t want to be caught up in a buying frenzy, consider adding an escalation clause into your offer. Essentially, it’s your way of detailing how much your willing to outbid another offer, up to a set limit.
- Stay Available. Now is not the time to head to the Bahamas. If you really want that home, you should stick around until you know whether your offer fell through or was accepted. Be prepared to make decisions very quickly and respond very quickly to questions about your offer.
How have you handled multiple-offer situations? As a buyer, what tactics have you employed to help win a bid?