In many of today’s strong real estate market’s, home buyer’s can expect to face multiple offer situations. Multiple offers are a classic example of economic realities because they appear when the supply of homes for sale is limited and the demand for good-condition home is strong. Buyers hate multiple offer because they push up home prices and create an extremely stressful home buying experience. Knowing a few tricks of the trade can make the difference between walking away disappointed and purchasing the home of your dreams at a fair price.
Make my offer more attractive to the sellers, offer the highest price you can. Get preapproved, not just prequalified and mortgage and attach a copy of the preapproval letter to your offer.
If the equity in tour current home is the source of your downpayment, make your offer contingent on obtaining financing, but not on the sale of your home.
If my offer didn’t prevail in a multiple offer situation, neither the sellers nor their agent is obligated to reveal any information about the decision
Submit an offer on a home in escrow, you would be wiser to move on to another home, particularly if there are formal back up offers
If the sellers are getting multiple offers and accepting them only by fax, the temptation to suppress a buyer’s offer arises when an in house offer ( one from a buyer who is represented by the sellers agent from the same brokerage company) is competing with an outside offer ( one from a buyer represented by a different brokerage company )
Knock on the seller’s front door and tell them personally why they should accept my offer instead of the other offers they received, if you happen to meet the sellers during a scheduled showing, go ahead and compliment whatever you like.
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