Competing Offers Part 2: Five More Strategies To Help Buyers Win
Last week, I wrote Five Strategies forBuyers in Competing Offer situations and today we offer five more ideas that can help buyers succeed. You can read Part 1 here.
- IF you really, really insist on skipping a home inspection or on including any other conditions, there is a form you can sign that says you are taking full responsibility for that action. Ask your salesperson to also include that with the offer presentation.
- The Terms and Other Details Matter.Things like meeting the sellers preferred closing date and forgoing a request for extra chattels beyond what is included, mean convenience for a seller and can make your offer more attractive than one that causes complications for the sellers.
- Know The Market.The multiple offer process in inherently unfair to buyers in that they are in a blind auction without knowing the terms and conditions of any offer they are competing against. This is the time to make your best offer in every regard but not one that exceeds market values. Remain calm, work with a great REALTOR® and be aware of the market trends and prices before making a reasoned offer. Just because the market is strong, this is not the time to over extend yourself and it is important to know your limits.
- Consider Making a Back-Up Offer.In the event your offer is not successful, you may wish to consider making a second offer that says essentially, that if the first offer fails to become firm (the conditions are not met in the accepted offer), then the seller agrees to accept your offer. I had two such situations in the last year and in one case, it was successful. The risk to the buyer is that they are “tied up” on that offer and prevented from purchasing anything else that may come up in the interim so this should be done with real caution.
- Offer Presentation. The best way for your REALTOR® to present your offer is always to do so in person with the seller and their agent. Today, sellers often refuse in person presentations (I can’t think of a reason why they should) or, they reside outside of the area and it’s not possible. In cases like this, your sales rep must follow instructions but can add a little. For example, if the offer is being handled locally and the instruction is to email the offer to the sellers salesperson, then that must be done. It’s a good idea though to also hand deliver a copy at offer time as email is not always 100% reliable. If that is not possible, how about making an offer presentation by video? I recently did this and it resulted in my buyers having the successful offer and the video played a large role.
One last comment. Remember to be readily available on offer day in order to deal with anything that may arise and affect your offer.