Instead of getting caught up in the drama of a bidding war, work with real estate agents who know how to successfully navigate multiple offers when buying a home. According to an article by U.S. News & World Report, home buyers often compete with others in the seller’s market. Because inventory is still tight, it’s a challenging situation for those who want the most in-demand homes. As a buyer you need an experienced real estate agent who knows how to put in the best offer that represents what you want as well as what motivates a particular seller. Experts point out your real estate professional often determines whether you win or lose in a multiple offer situation.
Asking the right questions
Talk to your real estate agent about what’s happening in the local real estate market. If homes are selling for over the asking price in the neighborhood you favor, it’s important to make a suitable bid.
Coming in strong from the start
Experts suggest you make a strong offer upfront. With multiple offers on the table, you don’t want a seller to feel insulted by a low ball offer. Even though a seller could make counter offers with several bidders, the seller can also decide to accept a different offer.
Making fewer contingencies
Another way your real estate agent helps you is by making your offer clean and concise. In a competitive situation, it’s ideal to make fewer contingencies. Your offer will likely stand out if you pay attention to the seller’s needs. For example, does the seller want a short or long escrow period?
Some people believe writing a personal letter explaining why you want to buy the particular home helps you stand out. Instead, write a thoughtful thank you note after touring the home. Other tips include staying level-headed and refusing to over pay for a home. Ultimately, it’s smart to have a backup position or another home that you like as much.
At Realty Executives By Realty Choice, we work with buyers and sellers in the Springfield, MO area and our surrounding communities. For more information on buying or selling real estate in Southwest Missouri, please contact us.