If you find yourself in a situation where the house you want has multiple offers, talk with your agent to see what you can do to win the bidding war. Here are a few tips to get your offer noticed and considered:
1) SALES PRICE. When it comes to the sales price, anything under full asking price probably won’t be considered. You’re going to have to come in above or at least at the full asking price. Most offers will be above asking price, so over asking price is usually the way to go.
2) CONCESSIONS. Asking the sellers to pay all or even contribute to some of the closing costs should be avoided if possible. Seller contributions, whether it’s closing costs, home warranties, carpet allowances or any other concession eats away at the sellers’ net profit. And that’s what they’re going to be looking at. There will be other opportunities to negotiate things like that (after the inspection and/or appraisal). Including concessions right off the bat with your offer will likely encourage sellers to pass on your offer.
3) FINANCIALS. When submitting your offer, be sure to include your pre approval letter. You want to present yourself as an excited, willing, and able buyer to the sellers. You want the sellers to know that if they choose you, the deal will close (and close on time). A pre approval letter shows that you’ve been in contact with a mortgage lender and taken all the financial prerequisites.
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