I’d like to share a few ways to win out against competing offers.
The climate has changed in the Central Illinois real estate market, and more buyers are finding themselves in a multiple offer situation than in years past. For this reason, I want to talk to you about what you should do if you end up in one of these situations.
First, you should know that terms are just as important as price to the seller. Sellers want a seamless transaction and if you can facilitate this, your offer will look all the more appealing.
Another thing that we find to be very successful in negotiations is personalizing your offer. Writing a letter about the home’s importance to you and your family, as well as what you plan to do with the property, could greatly improve your chance of securing a deal.
You should be transparent about your financing. If you’re using a mortgage option like an FHA or VA loan, make sure your agent outlines the terms to you and talks to the seller about your qualifications.
Another thing that you might want to consider is to shorten up your loan and appraisal contingencies. Most sellers do not want to accept an offer only to find out later that the transaction will take forever to close. Shortening your contingencies and showing you have a strong offer will likely help your case.
If you are dealing with a vacant property and there are multiple offers, make sure you can adjust the inspection dates. Complete an inspection within the first three to five business days after the offer is accepted and close quickly.
Do not ask for repairs to be done. This is something that sellers do not want to mess with when they are negotiating multiple offers.
Sometimes in a multiple offer situation, if you really want the home, you may have to pay more for it. Write the offer for list price or even above.
If you have any questions or are interested in buying or selling, please feel free to contact me by phone or email. I would be happy to help you.