6 Tips To Win In Multiple Offers

Dated: 06/12/2014

Views: 175

If you're buying a home in San Antonio's current hot housing market with multiple offers, you're going to want to stay competitive.

Your RE/MAX Pro Realty Group real estate agent can help you create the best strategy for submitting winning offers in your market.

Meantime, here are some general guidelines you can consider:

1. Get pre-approved. When you make an offer with a pre-approval letter from a mortgage lender in hand, you're ready to compete. A lender with name recognition and a reputation for on time closing will appeal to the listing agent. To go further, going with the listing agents preferred lender may help your cause.

2. Establish the top of your budget. When you determine the maximum amount you can pay, you'll want to search for homes that are priced lower than this number. This gives you flexibility to increase your offer. When you start at the top of your budget, there's no room to bid higher. 

3. Be ready to act fast. If you can see yourself living somewhere and your instincts tell you to submit an offer, do it as soon as possible. Sometimes your agent can write the offer right there during a showing. Of course, buying a home is a big decision, so if there's any hesitation, you're probably better off continuing to shop.

4. Stay as flexible as possible. This is especially helpful when it comes to escrow periods and closing times. If the seller asks to extend or shorten the process, rest assured if you don't follow their timeline, another buyer might. There are items on offer that can be perceived as being a serious buyer ex: limit option days, increase escrow money or allow a seller lease back. An experienced buyer agent can guide you through the eyes of a listing agent and seller. 

5. Appeal to the human element. State your case on a hand written note or email. Sellers are people too. Two identical offers could be decided by the seller’s perception of the potential buyer.

6. Don't give up. If your offer isn't chosen, you can present yourself as a standby in case the accepted offer falls through. But, of course, keep looking. You don't want to miss another great opportunity waiting around for other buyers to change their minds.

When you're ready to make your move, let a Pro Realty Group agent guide you.

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