When inventory is tight, and a market heats up, sellers may find themselves in a multiple offer situation. In a multiple offer situation, more than one potential buyer submits a written offer. With multiple offers on a property, the listing agent can then try and “shop the top offer” to get the best deal possible for their client.
Multiple offer situations have become the norm in today’s market, and the competition is hot! In a bidding war situation like this, doing everything you can to get ahead of the competition is wise. As a homebuyer, how do you navigate this market?
- Work With a Real Estate Professional: An expert real estate advisor is vital to help you navigate bidding wars with multiple offers. They know what’s worked for other buyers, what sellers are looking for, and how to help you prepare when it comes time to make an offer.
- Know Your Budget: It can be easy to get caught up in the moment and offer more than you’re comfortable with, so it’s essential to know your budget before making an offer. Work with a mortgage professional to get pre-approved for a loan to know exactly how much you can afford. Along with this, pre-approval shows sellers you’re serious, giving you a competitive edge.
- Be Willing to Compromise: Being flexible can go a long way in a bidding war. If you’re set on the property, be willing to compromise on other aspects of the deal, such as the closing date or contingencies.
- Put Your Best Offer Forward: In a bidding war, you want to make sure your initial offer is as strong as possible. This means being aggressive with your price and terms while ensuring your contingencies are realistic. Your real estate professional can help you determine an appropriate offer.
You should also know making an offer at the home’s asking price may not be enough. Homes today often sell for more than their listing price. An agent can help you understand the home’s market value and what other homes are selling for in your area.
Your agent is your best resource for making an offer that stands out in a competitive market. Let’s connect to talk about what you can expect as a buyer and kick off a successful home search.
The exceptional customer service that Liz provides will establish the groundwork for a relationship with her clients that will continue into the future when you’re ready for your next home or when friends and family come to join you in your new home town.
Please contact Liz, she will take the time to get to know you and assist you in finding a home that best fits your lifestyle needs.