How to WIN Against Multiple Offers?

How to WIN Against Multiple Offers?

If you’re looking to purchase a home in the midwest this year, be prepared to compete in a multiple offer scenario. This is to be expected as demand for homes in the midwest exceeds current inventory, making it a sellers market. Because sellers hold the property that everyone wants, they’re likely to hear from several interested parties. Losing out on a house can be equally heartbreaking and frustrating, so it’s important that buyers hire the right real estate agent. To win the home, it is critical to be represented by a realtor with strong and creative negotiation skills. 

Tips to WIN Against Multiple Offers

1. Get Pre-Approved with a Lender & Include Pre-Approval Letter with Your Offer 
2. Don’t Wait to Submit an Offer: Be ready to act fast on a property you’re interested in. Even if seller’s put out a deadline to submit “highest and best” offers, they still reserve the right to accept an offer at any time. Sellers are looking for motivated buyers to love their home, and urgency definitely communicates that.  
3. Review Supplements with your Agent, then Ask Questions: Seek to fulfill the sellers motivations. Examples include:
• Timeline / Closing Date: When do they want to close? 
• Sentiment: What is important to the seller? Is there anything they don’t want included in the purchase?
• Contingencies: What reservations do they have about accepting certain offers? 
4. Shorten or Eliminate Contingency Periods: By either completely waiving contingencies or structuring them strategically, a buyer can make their offer more desirable than competitors. This also shows the seller that you’re willing to move forward with the process quickly, ensuring that they are not wasting their own time on the market. After the contingency period had ended, a buyer cannot back out without losing their earnest money. 
5. Show Confidence with Earnest Money: When considering multiple offers, a larger earnest money deposit can demonstrate serious intent of the buyer to purchase.

In today’s sellers market, it can be difficult to stand out amongst multiple buyers. Because many home sales are ending in bidding wars, agents must be strategic, persuasive, and creative negotiators to help their clients WIN. The best thing a buyer can do to give themselves a leg up by hiring the right real estate agent.

Call 612-502-SOLD to discuss your specific buying strategy with an agent from the Huerkamp Home Group, the best team in the midwest for buying and selling homes.