As your real estate representative, I am here to guide you through the complexity of multiple offers so you can be successful without bidding way over your budget or abandoning your dream of owning a home.
Here are 5 “tips” on how to be more competitive in a Competing Offer Situation.
Tip #1 – Submit An Unconditional Offer
The chance of a Seller accepting an unconditional offer over a conditional offer, even if the price is lower, is very great. A Seller will migrate to the path of least resistance, which is an offer without conditions. But “caveat emptor”. This is risky and must be discussed in detail.
Tip #2 – Mortgage Pre-Approval
Request a Pre-Approval Letter so we can submit this document along with your offer. This document is from a lender stating that you have been pre-approved for a mortgage up to a certain amount [$].
Tip #3 – Personalized Bio
Write a personal letter [include a photo] to the Seller. This will help establish a more personal connection and make your offer stand out.
Tip #4 – Doing Your Due Diligence
Speaking to the Municipal office if there are specific questions about the property [taxes, easements, building restrictions, septic info etc..]. I will also request the age of mechanics, request a list of upgrades and get heat/hydro costs. Having this information before making an offer will assist to educate you on the property and help to determine how high you want to go regarding price.
Tip #5 – Closing Date
Next to conditions and purchase price, the closing date is a vital part of the offer. If you can, give the Seller the closing they want, even if it’s at an inconvenience to you. I will make sure we know the Seller’s preferred closing date prior to writing an offer.