If you are currently looking to buy a home and have made some offers on properties, you have probably run into other folks wanting the same home and have had to deal with a multiple offer situation. So how do you get your offer accepted over another? There are a couple things you can do to give yourself an edge whether or not you are in multiple offer situation.
Make sure you do your research and make a reasonable offer based on comparable home sales in the area. You do not want to instantly turn off a seller, especially one who may have their home reasonably priced, by making a low offer. Low offers may have worked in the past, but not so much anymore.
Have a pre-approval from a direct lender handy and all required financial information ready to go and include with the offer. You will look serious, prepared and well-qualified.
Include an introductory letter to the seller consisting of just a paragraph or two. This will help create a connection between you and the seller, and again, show motivation.
Make sure you respond quickly to any questions or counter-offer from the seller.
In your offer, try not to ask for too much from the seller. try to make it as clean as possible. If feasible, your agent can contact the seller’s agent ahead of time to see what kind of terms the seller may require and that may help them accept your offer. Do they need a quick close? Do they need a longer escrow? Do they need to rent back after closing? Try to give the seller what they want in terms if you can’t get close enough in price.
Have your agent prepare a complete and clean offer. There are a lot of forms required with a purchase agreement. If it is complete and well-presented, it reflects well on you as buyers and on the agent.
An escrow can be a hard process. A seller wants to know you won’t back out for just any reason. They want to know you are motivated and will hang in there and will be reasonable to work with. Give them that impression, and you will get your offer accepted.