How to Handle Multiple Offers

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Right now, we're seeing a lot of multiple offers, which is great news for sellers. When we market a brand new listing, we build a lot of anticipation. Buyers will sit on the listing and wait for it to hit the market. If we price the home at a sweet spot, then that home will get multiple offers, sometimes in less than a week.

Some buyers may think that the only way to win in a multiple offer situation is to offer more money. However, nowadays contracts are 40 to 50 pages long, so there are plenty of opportunities for negotiation. For example:

• The closing date - Being flexible on the closing date is appealing to sellers who may be looking for a home themselves.
• The earnest deposit - Increasing the earnest deposit shows that you are serious about your offer, which is good news to sellers who need to close.
• Inspection dates - Being flexible with inspection dates - or even foregoing certain inspections - will also make your offer more appealing to sellers looking to close on the property.

These are just a few options, but as you can see, there are other things you can negotiate besides purchase price. However, in this market, buyers absolutely need to be pre-approved. If you're working with someone who allows you to shop without a pre-approval, then you have been set up to fail.

Other things to consider when looking for a home are your expectations for your new home, what your time frame is for purchasing, and how much your payments should be. Once you've determined those three things, you can get serious about finding a home.

If you have any questions about today's video, give me a call or send me an email. I look forward to hearing from you!