Tips to Win with Multiple Offers

Rushing to see a new listing, getting your offer in before the deadline hits can be overwhelming to say the least. You're tired, you're cranky, and you're not sure if the experience is EVER. GOING. TO. END.

So when you've finally found The One, its an amazing feeling. You can already picture your first holiday gathering.

But wait. Before you schedule the moving truck, you find out that your dream home has multiple offers and the seller has to pick you over several others.

Below are a few tips that I have learned from representing sellers having multiple offers on my listings:

#1 Be friendly when you Negotiate

The buying and selling of a home is complicated by all kinds of emotions. Often, how the seller feels about YOU can be more important than your money.

People tend to do business with those they like and trust.

A common mistake that I see often is the unseasoned buyer or buyer without proper advising from their agent may make the mistake of whipping out a long list of unreasonable demands for the seller before even getting their offer accepted or come in with a tons of questions that could have been answered during the option (inspection) period making them seem like they will be difficult to work with over the other buyers who just want to hear, Please, pick me!

I've had sellers say, I would rather keep my home on the market and wait then deal with certain buyers who they felt would be difficult to work with.

#2 Write a love letter & Get Personal

Profit isn't always the sellers primary motivation. Sometimes they are selling a home that has been in their family for a long time.

Ultimately, what can matter most maybe to pass their beloved home on to someone they feel is deserving.

#3 Determine Reasoning and Preferences

A seasoned agent knows what to ask to help you stand out on paper. Understanding what is important to the seller and writing the offer accordingly may help you win. The more flexible a buyer can be sometimes will out weigh price.

#4 Work With a Platinum Reviewed Agent

In a challenging market, I see offers that lose over the most unfortunate things such as contract not being completed properly or missing documents despite the seller's agent instructions. Having an agent who understands market and sells homes in the zip code you are looking to purchase is important. You also want an agent that has good relationships with others agents that they work with.

How do you find that seasoned pro? Read reviews on HAR and other sites. To have reviews on HAR, agents must be a Platinum member AND send a survey to every client that they close. If agents fail to send one survey, they wont have reviews on HAR. Look at their RECENT number of closings in the area you are looking to purchase in. This may help you understand if they work full time or part time if that is important in your decision making. Lastly, ask for referrals.

#5 Work With a Recommended Lender

Your agent should know lenders that are preferred to work with by other agents in the area. If you have a preapproval letter from a lender that is known for delayed closings or is known for unresponsive, It may be hindering your chances of winning when the sellers agent tells their seller that your lender has been difficult to work with in their past transactions. 

I hope that you find this helpful. If you have any comments/ questions, I would love to hear from you!