How To Win A Multiple Offer Situation

How To Win A Multiple Offer Situation

How to Win a Multiple Offer Situation

1.  Be realistic

A winning offer will likely be at or above asking price

Be ready to be creative in your offer to make it appealing to the seller


2.  Prepare your finances

Have a pre-qual or pre-approval (even better) letter from the lender

Have proof of funds ready for ernest money, option money, closing costs and down payment

Be prepared to offer 1-3% ernest money (applied to down or closing in the end)

Be prepared to give a larger option fee

You will likely NOT get closing costs from the seller

Be prepared to possibly pay for normal seller charges like the warranty


3.  Be flexible!!!

Be willing to give a lease back

Be willing to do a longer/shorter closing


4.  Add a personal touch

Write a personal letter introducing your family

Include a family picture

Tell them why you want to live there (schools, neighborhood, etc)

Tell them why their home is perfect for you!

Compliment the house and how well taken care of it is

Tell them you will love and care for this house as much as they do!


5.  Listen to what the other agent says will seal the deal

If the agent says the sellers are looking for a lease back- OFFER IT

If the agent says the sellers are needing a longer/shorter close- BE FLEXIBLE

If the agent says they don’t want to pay for the warranty- REMOVE IT


6.  GO see houses ASAP

Try to see the house within 24 hours of it hitting the market


7.  Make your offer “as is”

Still do an inspection during the option period so you can back out if there are major issues

Ask for ZERO repairs to be done or paid for by the seller


8.  Include few to NO contingencies

If you have a house to sell and I am confident it will sell quickly, don’t put a contingency on the sale of your house.


9.  Escalation Clause

An escalation clause can be used when multiple offers are on the table.   It states that you are willing to pay X amount of dollars over the highest offer up to a stated maximum. 

For example:

           Asking price on a house-                  225,000

           You offer-                                           225,000 with an escalation clause

           Escalation clause says-                     Will pay $1000 over the highest

                                                                       Offer up to 240,000

*Agent will verify with the other agent what the highest VALID bid was.  

            *Need to be realistic is the value of the house too.


10.  Be Prepared to Lose

It will be heartbreaking when you fall in love with a house and don’t win it

It may take several offers before you win

Don’t give up and get discouraged!!!

YOU WILL WIN ONE!!!


Leslie Fogle Headshot
Author:
Phone: 214-364-5888
Dated: April 2nd 2015
Views: 1,273
About Leslie: I was born and raised in the Central Valley of California. I attended California State University, S...

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JP And Associates REALTORS
6175 Main Street #355 Frisco Texas 75034
Frisco, TX
972-375-9448
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