Q: “I’m competing with other buyers for the same house. How do I make my offer stand out?”
A: Spring tends to be the busiest time of year for home buying, so it is not uncommon to find buyers competing for the same house. In these multiple-offer situations, a buyer needs to be prepared to pull out all the stops and bring their best offer to the table. Below are ideas to consider, which can make your offer stronger:
- Offer above asking price
- Don’t ask for any credits from the seller
- Submit a high earnest money deposit
- Waive contingencies as you are able
- If you can’t waive a contingency, shorten its timeframe
- Include an escalation clause (will inch your offer above competing offers in specified increments up to a specified amount)
- Give the seller their choice of settlement company
- Give the seller their choice of settlement date (as your financing allows) or offer them a rent-back period
- Offer to pay for the termite inspection
- Don’t ask for a home warranty or offer to pay for it
- Write a personal letter to the seller explaining why you love the home
Your real estate agent will be able to help guide you in structuring a competitive, winning offer. Happy house hunting!
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