In a seller’s market, it’s not unusual to have several buyers competing for the same property. In some situations, the house may simply go to the highest bidder, but there are some strategies you can use to make your offer stand out. The following guide highlights how you can buy a house when there are competing offers on the table.

How Can You Buy a House When There Are Other Offers?

1. Get Approved

Getting preapproved for a home loan takes care of one of the most stressful, time-consuming steps in the buying process. Having a preapproval letter from a lender assures sellers that the sale won’t fall through after they’ve accepted an offer. If you’ve already been approved for a loan, they may take your offer even if other hopeful buyers have submitted a higher bid.

2. Pledge a Higher Earnest Money Deposit

Earnest money protects sellers from canceled contracts. This deposit is actually part of your down payment, so it doesn't cost you more to pledge a higher amount. Offering a larger earnest money deposit than your competitors may convince sellers that you’re more serious about committing to the sale.

3. Give Up on Contingencies

Contingencies put conditions on the sale, which can be attractive to buyers or sellers. For instance, you might make the sale contingent on the inspection results, while sellers might want the closing to take place after they’ve bought another home. Every contingency is an opportunity for the sale to fall through, so give up as many as possible. However, avoid skipping the inspection or other contingencies that may protect your financial future.

4. Make the Best Offer Possible

In a buyer’s market, submitting an offer lower than you’re willing to pay and negotiating upward can be a good strategy. However, this tactic can cause you to lose out in an active market. If sellers are comparing multiple offers, they likely won’t take the time to negotiate the sale. Instead, submit an offer with the highest amount you’re willing to pay. This method will help sellers weigh offers, boosting your chances of being considered for the sale.

If you're ready to buy a house, turn to Gator Elite Real Estate in Cape Coral, FL. Their team has the expertise to help you buy the ideal property. They have over 20 years of experience in the market, and they know how to make your offer as attractive as possible. Visit their website to browse properties for sale, or call (239) 541-0668 to speak with an agent today.