In a market where multiple offers are expected, it is important to have an idea of the rules of the game to increase your odds of winning your new home. Often times when a seller receives multiple offers you will be asked for your highest and best offer. Here are some tips to consider that will let the seller know you are a serious buyer.
Write your offer as clean as possible by removing any unnecessary contingencies. If you don’t need the seller to pay your closing costs, don’t ask for it on the purchase agreement. Similarly, if you are giving the seller 15-30 days in the house after closing, you can keep your offer clean by not charging the seller rent for that time.
It is helpful to think about what really matters to the seller when they are considering offers. Time and money are often most important, but not always. Be sure to ask your agent to gather as much insight as possible to help you write a strong offer.
Sellers want to know you are ready to buy. It is important to provide a pre-approval letter from your mortgage lender or proof of funds with the offer. This gives sellers confidence that you can close the deal.
Remember the old saying, “You only get one shot to make a great first impression”? The same is true when writing an offer. You will likely only get one opportunity to win in a multiple offer situation. Keep that in mind when determining what you are willing to pay for your new home. Best of luck!
