In multiple offer situations, we can help our buyers by writing an offer that stands out from the rest. And though speed is often of the essence, a strong, competitive, well-written offer is always the best offer. Here are three simple ways you can help you compete in —AND WIN—a bidding war.
Write a clean, complete offer:
- First and foremost, we will make sure you have a pre-approval letter for the offered amount, or if a cash transaction, proof of funds
- We will make sure every name is spelled right, fill in every date that is required, and have you initial and sign everywhere needed. The time it takes to make corrections may knock your offer out of the running.
- We will get all documents completed in advance: If the listing agent has requested signed addendums or documentation of any kind, those will be included.
Communicate with the listing agent:
Our job is to initiate a conversation with the seller’s agent, before writing the offer, in order to find out what the sellers really want and need. This is how we find out things that will make your offer more appealing—even perhaps, more than simply offering more money.
For instance, knowing the preferred closing date: If the sellers need time to find their next home, we can recommend you offer a longer than normal close, a rent back, or even a free extended stay as long as they stay within the lender’s guidelines. On the other hand, sellers may need a quick close for a fast release of funds. You can’t know if you don’t ask.
Sweetening the offer:
Beyond offering an over-asking price, which is likely to be the case with most offers in a multiple-offer situation, we can:
- Agree that earnest money is non-refundable to show commitment and seriousness
- Not ask for any help with closing costs
- Not ask for any personal property beyond what’s clearly stated on the MLS as included
In this market, it is critical to have an experienced agent that knows how to quickly negotiate the best offer for you!