Multiple Offers - How to Win in a Tough Situation
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Finance > Real Estate
Jun 20, 2007
rumleyp
Multiple Offers - How to Win in a Tough Situation
Oh, no! You've found the home of your dreams...but so has someone else! What happens now? At this point, negotiation flies out the window, but there are things you can do to increase your chances of winning the bid. When this happens, the listing agent (in the State of Tennessee) must inform all parties involved about the multiple-offer situation. This must be in writing with signatures from everyone involved and a copy of this signed document must accompany your best and final offer. There will be a specific time to have all bids turned in to the listing agent, so everyone is playing by the same rules. When all bids are submitted, the seller(s) and their agent will have a meeting to consider all offers. They will choose the one that best suits their needs. And surprisingly, it's not always the highest price that wins. For instance, what if the seller needs more time to move? Then the possession date might carry more weight. Let's consider a few ways to improve and strengthen your best offer: * First of all, don't panic! Try to keep your emotions under control and use your common sense. Do you really want or need this property? Or...should you keep looking? But, if this home is the one for you, then let's get busy and make your offer stand out from the crowd. * Make sure your offer is as "clean" as possible. This simply means that the fewer contingencies, the better. Be sure to have your financing in order. Submit a letter with the offer...from the lender stating your qualifications. Perhaps you should also conduct your home inspection beforehand, clearing that possible contingency. * Can you be flexible with possession? It might sway the seller to your offer if you can give him/her the time they need to move. * Make your best offer , but be careful about offering a price that is too high for the area. Most appraisals will take care of an inflated price, but be careful if you're paying cash! * Consider structuring your offer to read "$500" over highest bid. This can make a difference, but you would want some sort of cap on this type of offer. * Offer some other item of value. There was once a lower bid that included "2 Super Bowl tickets" if the offer was accepted. And it was! * What do you love about the home? Sit down and think about all the things you love about it. Then write a personal letter to the seller...telling them what the home would mean to you and your family. Many times, the seller will have put a lot of themselves into the home...and want to know that the next owners will love it as they have! These are just a few suggestions, but there are many more possibilities. Much depends on the particular situation. I always enjoy hearing from you so, contact me with any questions you have!
Pam Rumley is a veteran real estate broker in the Nashville, TN area. She is a true Exclusive Buyer's Agent. There is never a conflict of interest regarding your real estate transaction. You can be assured of receiving 100% of her attention and loyalty - 100% of the time. For more information, visit her comprehensive website, www.NashvilleRealEstateAuthority.com
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