How to be the winning bid in a multiple offer situation.Well, you never know what the seller is looking for. Believe me, it is not always the price. With that being said if there are multiple offers you need at least full price if not more.I always tell my buyers to offer as much as you can be comfortable with. A price that if you lost the bid to someone else, you would just say more power to them, they must have loved it more than me. Don’t be mad and wishing you could have a second chance. You may not get that second chance.
However, you don’t want to pay so much as too when you win the bid that you are thinking you paid to much and you really didn’t like the house that much you just wanted to WIN. Here are a few other things to consider besides the price to get your offer accepted. Don’t think because you raise the price 20,000 above asking price, that the seller is going to accept your offer. The seller knows it won’t appraise, so then they start looking at other things besides the sales price.
8 Ways To Make Sure Your Real Estate Offer is not Overlooked!
- Offer to pay the title policy – This is a benefit to the seller because that gives them an extra 1% percent without having to worry about the appraisal.
- Buy your own survey – No butts ! if you really want to win by your own survey
- Don’t ask the seller to pay your closing cost, if you can help it. If you need help check out the Seth Program.
- Don’t change the title company-use the one the listing agent has suggested.
- Type a letter to the seller explaining why you love their house. Include a picture of the whole family even the pets. ( I have had sellers take less money just because someone took time to write a letter and pulled at the Heart strings) .
- Send an updated approval letter with the offer – not the next day or an hour later, with the offer.
- Fill in all the blanks, I can’t tell you how many times the seller has thrown an offer to the side because the contract was not COMPLETE!
- Call the listing agent and ask, what is the seller’s situation. Do they want to move out quick or do they need to stay so kids can finish school? Writing the contract considering their needs goes a long way.
I hope these tips help on How to be the winning Bid in a Multiple Offer Situation?