How to Win in a Multiple Offer Situation

Tampa, FL Real Estate Video Blog with Maria Hoffman and the Tampa Home Group

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Whether it’s a buyers or seller’s market, if the home you love is priced well, you just might find yourself in a multiple offer situation. Here are the top ways to win your dream home:

1. Try not to get in a multiple offer situation in the first place. When you go out to look at homes, make sure you are prepared to make a decision. Make sure everyone who needs to see the home is present at the first showing. Make sure you have an up-to-date pre-approval. If you love the home, don’t wait a couple days to make an offer. That simply opens the door for another offer to come in.

2. Do some homework on the sellers. Have your agent talk to the other agent. Find out what’s important to the seller. Are there issues other than price that might be important to them? Are they trying to meet a timeframe around the school year or a new job? Tailor your offer to best suit the seller’s needs.

3. Offer the right price. If a home is priced correctly, you need to offer close to asking price. You may even need to match asking price or go over. Your agent will help you figure out the best price to offer.

4. Put down a strong deposit. We have seen many offers come in with weak deposits of $500, $1,000, or $2,000, sometimes on a 300k, 400k, or 500k home. In this area of the state of Florida, deposits customarily need to be 1.5% or 2% of the purchase price in order for the offer to appear strong and serious.

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Make sure you put your best foot forward and offer the right price.

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5. Don’t ask for closing costs. This weakens your offer and could prevent the seller from choosing your offer.

6. Write a non-contingent offer. Ideally, your offer is not contingent on the sale of your home. If you have to write a contingent offer, though, your home should already be listed, under contract, and through the inspection period so you know your sale is moving forward. Your agent should communicate all of this to the seller, and include your existing home sale contract with your offer.

7. Tighten up the inspection period. The default inspection period in most contracts is 15 days. Why not make it 7 or 10 days? If you can, shorten that inspection period to 5 days. In a competing offer situation, shorter inspection periods are more attractive to the sellers.

8. Have a strong pre-approval letter. Pre-approvals are different than pre-qualifications. A strong pre-approval letter states that your income, assets, and credit have been verified by the lender. You should also make sure you are working with a good, local lender that the seller’s agent will recognize, not an out-of-state lender.

If you have any questions, please don’t hesitate to give us a call or send us an email. We would be happy to help you!