In the world of real estate, desirable homes may attract more than one offer. Finding out that someone else is interested in your dream home can be disheartening, but it doesn’t mean you have to give up. Here’s what you can do to navigate a multiple-offer situation and potentially sway the seller in your favor.
How a Seller Might Proceed
In high-demand neighborhoods or areas where real estate is sparse, sellers can often receive several offers for their house. In these situations, the sellers have a couple of options.
If they’re in a rush to sell, they could simply accept the highest bid. After an offer has been accepted, and there’s a signed contract in place, no further offers can be entertained, as this agreement is legally binding.
Yet, being transparent about multiple offers can benefit the sellers. It allows them to tell each interested party that there’s competition, which could attract better offers from everyone. If you’re one of the interested parties in this situation, you can still win the bidding war with the right approach.
How You Can Make Your Offer More Attractive
Fortunately, there are several routes you can take to make your transaction more attractive to sellers.
- Make Your Best Offer: When there are other interested parties, making the highest possible offer within your budget could help you secure the purchase of the home.
- Show You’re Preapproved: Offers should always be paired with a letter from a lender. Ask your prospective mortgage company to provide proof of your preapproval, which is more powerful than a prequalified letter.
- Personalize Your Bid: Most people become emotionally attached to their homes. Writing a personalized letter detailing what the house would mean to you and your family can make a seller feel more comfortable about moving on, as they’ll know it will be in good hands.
- Consider the Contingencies: If you know the seller is in a rush, offer to waive or shorten the timeframe of certain contingencies. For example, you might move up the home inspection or waive the loan approval contingency if you’re confident that you can acquire a mortgage.
- Work Around the Seller’s Schedule: Timing can be tricky when real estate is involved. Offer to accommodate your seller’s moving schedule by being lenient. Give them a couple of extra days to move out after the closing date, for instance.
Whether you’re a buyer or a seller, Big Journey Homes – Lauri Bauman has all of your real estate needs covered. Serving Denton, Lake Dallas, Frisco, Flower Mound, Argyle, McKinney, and Corinth, TX, this trusted Realtor® is well-connected to the community and knows the area’s most desirable properties. Browse through featured listings online or call (940) 321-5111 to get in touch. You can also text Lauri at (214) 566-1088.