This is part #3 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
6) Make it “Personal”. Can a personal letter from the buyer to the seller work? Sometimes it certainly can!! If the seller is a builder or a person in the business of renovating homes for re-sale then the decision to sell is usually based more on the business side of things, like “how much will we make on the sale?”. But for an owner selling their family home it can be very helpful to know that the buyer is a likeminded person who will treasure the home as much as the seller’s family has. You may get just the slight advantage you need to close the deal if you explain to the seller that you love their home and you will care for it in the same way the seller has.
It absolutely can’t hurt to point out to the seller that the buyers have made personal sacrifices or provided service to the community as military members, first responders, teachers, nurses, and others. And, taking the time to write a personal note to the seller shows your commitment to the property and that you are a serious buyer.
7) Get in Backup Position. Sometimes it just doesn’t work out. You made your highest and best offer but another buyer was selected by the sellers. There may still be some hope for you… Talk to your REALTOR about having the sellers consider your offer as a “back-up” to the accepted offer. Sometimes buyers back out of the deal. There are several reasons why this may happen, and you can position yourself to move in and purchase the home if the original buyer just doesn’t work out. A good REALTOR can advise you and help you navigate the process.
8) Stay Positive. It can be incredibly frustrating to buy a home in a competitive market. Inventory of available homes is low and prices are high. It’s normal for buyers to lose out on several homes before one sticks.
Sometimes it takes a few times around to fully understand the process and what is necessary to win in a multiple-offer situation. Working with a REALTOR who you trust and respect can help the process feel less daunting.
Give yourself a break if things get too overwhelming. It can be emotionally draining to lose out on a home you had your heart set on. Give yourself time to reset before taking the plunge again. Stay positive, focus on the big picture, and keep your end goals in mind.