If you’re looking to win in a multiple-offer situation, there are a few steps you must take.
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People often ask me, “What’s the key to winning in a multiple-offer situation?”
Although these scenarios are less common these days, and the competition is generally lower when these situations do appear, it’s still important to understand what steps you must take to stand out as a buyer.
For one thing, sell your current home first (if you’ve got one). If you’re moving up, avoid juggling two transactions at once if possible. After all, home sale contingencies tend to weaken offers. If the seller sees that you need to sell your own property before closing on theirs, they may turn their attention to your competitors.
Next, make sure you play fair. Don’t lowball the seller. Doing so will always start negotiations off on the wrong foot. Even if you do eventually go under contract with that seller, you will more than likely settle on a higher price than you could have if you leveled with the seller to begin with.
The goal of negotiations is to create a win-win situation for you and the seller.
Another key step to winning in multiple-offer situations is to find out what’s important to the seller. Ask your agent what the seller’s “hot buttons” are. Are they looking for a quick closing? Are they set on having a short inspection period? Whatever the case is, adjust your offer according to what the seller is looking for out of the deal. Sellers look for the “highest and best” offer. In other words, the ideal offer is one that is at the highest price and comes with the best terms.
Of course, appealing to the seller’s emotions can also be effective. Writing the seller a letter explaining why their home is such a good fit for you and your family could be the final push they need to accept your offer.
However great your offer may be, though, you should still expect the seller to counter it. Be willing to negotiate when this happens. The goal, after all, is to create a win-win situation for you and the seller. With the help of an experienced agent, achieving this goal should be no problem.
When you put each of these steps into play, winning in a multiple-offer situation becomes a breeze. If you have any other questions or would like more information, feel free to give me or my team a call or send us an email. We look forward to hearing from you soon.