We are in a hot seller’s market right now, and there are a lot of multiple-offer situations happening out there. How can you win and buy the house when you are up against multiple offers?
The most important thing you can do is work with an experienced agent. You want an agent who is people-smart. The relationship between your agent and the seller’s agent is extremely important to positioning your offer in the best light. These agents are going to work together through closing to make sure things go smoothly for the buyer and the seller. However, each agent is still looking to get the best deal for their client.
Now, one strategy you can use during a multiple-offer situation is writing a letter to the seller. Talk about why you fell in love with their property and what the property means to you and your family. It’s very endearing to the seller to think of another family enjoying the home and creating memories in it like they have. The letter helps you connect with the seller on a personal level.
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Work with an experienced agent.
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You can also add an escalatory addendum. If you’re up against five other offers and you can afford it, this strategy can be very helpful. The escalatory addendum basically says that you will pay a certain amount, like $500, over the highest competing offer for the home. We use this clause very carefully. It might not work for everyone, but it can position you to win that property.
In a market like this, it’s not unusual to get beaten out on several properties before you get into a home. If you find the perfect one and you can be flexible on terms and price, we will work to make your offer the most appealing to the seller.
If you have any questions, give us a call or send us an email. We look forward to hearing from you!
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