If you are looking at a home that you really love, but there are many competing offers on the table, it can be stressful to think that you may not be able to get the home at this point. However, there are some ways that you can compete with the multiple home offers to ensure that you are much closer to getting the home of your dreams. Here are five tips for doing this:
- Submit a Large Deposit: Sellers are often afraid that with so many offers on the table, they will end up choosing the wrong buyers who back out of the sale last minute. By offering a little more upfront, it can show the sellers that you are serious about buying, which can pay off for you in the end. Sellers will become much more comfortable closing the deal with potential buyers who show higher interest over others.
- Give Sellers Time to Move: The buying, selling, and moving process is stressful for everyone, especially because once the home has been purchased and the closing costs have been settled, the sellers are expected to be moved out right away. If the sellers need time, they often end up having to provide compensation to the buyers for the delay. If you are dealing with multiple offers, be sure that you allow the sellers to have a few days to move without having to pay you compensation. By giving the sellers a break in this way, it will also show that you are a buyer they are probably going to want to work with over the others.
- Waive Some Contingencies: When it comes to waiving some contingencies, you want to be sure that you talk with your real estate agent first. He or she can let you know what contingencies are worth waiving and which are not. You can also extend the time period for when you plan to carry out the inspection of their home. This will ensure that you cut the sellers some more slack, making you more desirable to work with once again.
- Come Up with the Best Offer: When you are dealing with a home that has many offers, negotiating the price is not in your best interest. This means that you are going to have to come up with your best offer for the home. However, be sure that you talk with your real estate agent to be sure that you aren't paying way over market value for the home.
By considering these tips, you can be sure that you are a more appealing buyer to work with, which can make your offer stand out from the other competing offers on the table. To find a real estate agent that you trust, consider speaking with a representative from The Gresham Group.