Here are four strategies to help you win in a multiple-offer situation in this hot seller’s market:
1. Get a pre-approval letter. This tip is frequently overlooked, but it’s crucial. You need a pre-approval letter, not a pre-qualification letter. A pre-qualification letter means you submitted some basic information, and the lender said you were pre-qualified for a certain amount of money. That isn’t enough in today’s market. For a pre-approval letter, you submit all your information to the lender and they approve you for a loan so that contract is ready when you find the right home.
2. Terms. Price is the most important term, but the second is the possession date. If you’re flexible about the possession date, giving the seller more time to move out of the house can help you win. For example, you can extend the closing date or do a leaseback, meaning after you close, you allow the seller to stay in the home for a short period while they find their next house.
3. Write a cover letter. In this letter, you want to write who you are, why you’re moving to the neighborhood or area, tell them about your family, and how much you love their property. This gives you a huge strategic advantage because it tells the seller who you are as a buyer.
4. Buyer mindset. Offer the best price you can that makes you comfortable so that if your offer is accepted, you feel good about that price. Also ensure that your price is high enough that even if your offer isn’t accepted, you’re okay with that; you know you put your best foot forward.
If you have any questions about how to get your offer accepted or real estate in general, feel free to reach out to us via phone or email. We would love to help you.