When the market is strong and you are looking for a property in a highly sought after neighborhood or price range, you might find yourself in a multiple offer situation. Don’t let it scare you away! Remember to lean on the expertise of your REALTOR®. Below are some tips that can be useful when buyers find themselves in this position.
Does cash always come out on top?
No. Cash offers often have fewer contingencies and are faster to close, but they are not always the highest and best for a seller. For example, if a cash offer is much lower than a financed offer, a seller may not be as quick to accept it. Sit down with your REALTOR® and discuss thoroughly what you are comfortable offering in terms of price, and also your contingencies.
How can I make my offer stand out?
Each situation is different. Often the small contract tweaks suggested by a knowledgeable REALTOR® and creating an emotional connection with the seller are the things that will make you stand out. Any contingencies you have, such as needing to sell your home first, will be weighed against the other offers. But you must make sure any deal you make works for your situation. Utilize the expertise of your REALTOR® to work through all of these details!
How do I know that there are multiple offers?
Usually your REALTOR® will be informed by the listing agent if there is more than one offer. You will have a chance to revise your original offer. You should do so if you are able and really want the house! This revision should reflect the very best and highest you can do.
Don’t let this situation stress you out!
Remember that this is a common occurrence in a busy market, and your REALTOR® is trained to help you put your best foot forward. Make your best offer and don’t pay an amount that makes you uncomfortable. Consult with your REALTOR® about staying within your budget, and lean on her or him for advice and guidance!