How to win in competitive offer situation
This market can be tough…. scarcity of homes, makes the great ones extremely competitive. However here are some tips to make sure when the seller is choosing an offer, they chose yours!
Gauge how much interest they have. Do they have two offers or ten…it matters.
Your realtors advice of how to pursue the property should be based on how many offers the sellers have. If they have none, you could can be more aggressive vs. having multiple offers.
If there are multiple offers, write the seller a letter. Tell them why this house is right for your family!! It’s amazing the effect of a heartfelt letter and in the right situation, it can only help!
Find out when the sellers want to close. Sometimes this can be the determining factor if they chose your offer vs. another. Can you offer a longer timeframe for the sellers to stay in the house or better yet, can you close really quickly and offer a rent back? Your agent can walk you through the benefits of structuring timelines to win a deal!
Can you purchase the home in as-is condition? This sounds risky, however the Maryland contract allows buyers the ability to inspect and terminate if the inspection results are not satisfactory. Additionally, if the buyers do find a major issue like a septic failure or well issue, you will still have the ability to negotiate with the sellers before walking away. In many cases sellers will be required to fix the pending issue or disclose it to all new buyers. More often than not, sellers opt to address the issues for the buyers to remain in contract and move forward with the sale.
At the end of the day, a skilled Realtor should be able to navigate you though a multiple offer situation and win out over other offers. Terms are important as the price. Make sure you are working with a Realtor who puts you in the best position to buy your dream home. In most cases you will only get one chance for that perfect home!