You’ve found your dream home and made an offer. You think everything is set and you’re planning a moving day in your head when you find out there are multiple offers on the table.
Wouldn’t it be nice to not have to worry, because you know you’re offer was the most attractive?
Over the past year, we have seen more multiple offers on homes that are being sold in the current market. These homes are the very best on the block with the most competitive price.
If you’re a buyer or seller in this situation in this year, don’t worry, we’ve got you covered.
BUYERS
Get Financed:
Before you even begin to look at homes with your Realtor, you need to see a local lender and get pre-approved for a mortgage. Too many times, buyers can miss the opportunity of a life time because they are not pre-approved.
In a competitive situation, a seller will want to see that you can afford their home.
Buyer Agency:
Make sure you work with a full-time Realtor vs. a part-time Realtor because when the right home becomes available you’ll need to move fast. Having an agent readily available who knows the seller’s situation will raise you above competition because you know how to meet their needs.
Bring Your Highest and Best:
Picture this; your Realtor informs you that there are multiple offers on the home you want. How can you stand apart? Bringing your best/highest offer available helps your offer become more attractive than the rest.
SELLERS
Price your home to sell:
Right now, the 2016 real estate market is starting to pick up. However, it is NOT the time to test the market by over pricing your home. Work with your Realtor on selecting a competitive price in order to bring multiple buyers to your home.
Terms and Conditions:
Before you accept an offer, be sure to preview all of the terms and conditions.
- Are you satisfied with the lender that your potential buyer is using?
- Does the closing date work with your schedule?
- What is the Earnest Money Deposit amount?
- Are they asking for sellers concessions?
Make sure you are happy with all conditions on an offer before moving forward.
Give yourself three days:
If you have multiple offers, give yourself three days to collect the offers and then respond. Have your Realtor notify all Buyers Agents of your timeline. Ask for the highest and best offer which includes terms and conditions.
Choose the best one for you (after reviewing one last time with your Realtor), however keep the second best offer as a back-up offer.
Are you thinking about selling your home? Fill out our FREE Seller’s Form and let’s see how much your home is worth!
Maybe you’re in the market to buy? Send us any of your questions in our FREE Buyer’s Form and start searching for your dream home today.