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Hello, and welcome to Part II of our series on multiple offers. We're very excited to share some more information with you on this topic, as we haven't seen this many multiple offer situations in years! Last time, we offered some advice to sellers on how to deal with multiple offers; now, we want to help people on the buying side of things.
A lot of buyers we're working with right now are making offers on multiple properties because the marketplace is so competitive. In order to make an effective offer, the most important thing to keep in mind is the price. How much you offer is often going to play a huge role in whether your offer is ultimately accepted. You don't want to offer more than you can afford, but you have to remember that other buyers will be submitting their best offers.
In short, the days of making anything other than a full-price offer are over. If a seller lists at a fair market value, don't be afraid to offer a little over that if you need closing costs covered. Because buying can be complicated, it's important to work with an agent who knows market value and can help you make smart decisions when crafting an offer.
To make the most of a multiple offer situation, you need to work with a buyer's agent you can trust and who is not afraid to tell you when a home is priced too high. If you've maxed out on price, there are other strategies we can help you with. Think about the risk sellers have to take when accepting an offer; you need to mitigate those risks up front! You need to be pre-approved by a reputable lender if you want to be taken seriously. If you get the letter after you've written the offer, your offer won't even be considered!
There are other strategies you can use to make your offer stand out from the crowd. If you would like more expert advice on how you can make the most of the buying process, give us a call or shoot us a quick email. Something as simple as writing a personal letter to the seller can make all the difference! Don't hesitate to reach out to us for more tips - we would love to hear from you!
