How to Get Your Offer Accepted When There are Multiple Offers
We are in a competitive market. There are bidding wars, multiple offers, and escalations clauses. So, how do you get your offer accepted when the competition is fierce. Here are 10 suggestive incentives you can use to capture the seller’s attention:
1. Zero or little seller contribution to closing costs (subsidy): Seller’s contribution is when the seller provides a concession to the buyer to help them buy to get the property.
2. Offer above list price: Be aware of potential appraisal problems.
3. Offer seller rent-back and/or no security deposit for seller rent-back: Sometimes the seller may need more time to secure another property. They might need to stay in the current property longer than the date agreed.
4. Utilize the Escalation Addendum: You must be clear on whether you are waiving or not waiving the appraisal contingency.
5. No home warranty request: Do not ask the seller to pay for the home warranty. Buyer to pay for a home warranty.
6. Write a letter to the seller: Many sellers are drawn to the personal letter. They then decide they want to sell the house to these buyers and attempt to make a deal.
7. Show your credit score on the pre-approval letter: If you have exceptional credit scores, ask your lender to include it on the preapproval letter.
8. Earnest Money Deposit (EMD): Consider a substantial EMD and make it payable to the listing brokerage or settlement company.
9. Lender endorsement: Have your lender call the listing agent. Knowing you are a qualified buyer and have a great lender makes the listing agent want to work with your offer.
10. Have lender increase interest rate: Get a lender contribution of cash towards closing costs if needed.
Working with buyers and presenting offers on properties, I’ve learned some of these incentives and more that work. Keep in mind theses are suggestions only and you need to carefully consider the potential implications and risks of employing some of these strategies.
If you are looking for an experienced and knowledgeable real estate agent to help guide you through the process of buying a home successfully, then we should talk. I can schedule a virtual one-on-one session with you. Bookherewithdenise.com