BUYING A HOME IN A MULTIPLE OFFER SITUATION - PART 2
This is part #2 of a three part series on Buying a Home in a Multiple Offer Situation. Contact me for a copy of the entire article; Bob@CardilloRealty.com
Here are tips 3 through 5...
3) Make Your Offer Count. You may only get one chance, don’t play around with your offer. Make your offer strong from the very start. If you choose to offer low in the hopes that the seller will negotiate you may end up disappointed. In a multiple offer situation there is no rule that says a seller must make a counter offer. They can very easily disregard your offer and move on to other, stronger offers. Sellers need to know that you are serious and that you plan to make things go smoothly. Come in strong and be prepared to stand behind your good offer.
4) Have Financial Information in Order and Available. Sellers want to be confident that the buyer is reliable and ready to purchase their home. Get pre-approval, or better yet, have lender verify income and available funds up front. Then all the lender will need to do is get disclosures signed and submit some remaining paperwork to underwriting, which will reduce your time from executed contract to close, in most cases by around 50% (10-12 days, rather than 20-30 days). If paying cash, have a verifiable source provide a POF so sellers can confirm your ability to pay cash. The seller wants to know that you are a strong buyer, able to pay what you have offered for the home, and able to close in a reasonable amount of time. It is every seller’s nightmare that they come to an agreement with a buyer, and then take the home off the market for an extended amount of time only to have the buyer’s ability to pay fall through.
5) Make Your Offer What The Seller Wants. It sounds simple, but many agents and their buyers don’t take advantage of this simple step. Your REALTOR can make your offer stand out above the others by finding out what terms the seller is looking for and then having your offer meet those needs. Do the sellers want to close quickly, or do they need some extra time to move out? Will they require a temporary lease back to make the deal work better for them? Make it easy for the sellers to accept your offer…
Part #3 coming soon !!!
