A Multiple Offer Situation is when more than one buyers want to present offers on a property at the same time. The relationship between buyer and seller goes from a negotiation to an auction, with normally the highest bidder winning.
We helped many clients win in the multiple offer wars. Here are our 3 suggestions:
1) Hire a good agent who specializes in the type of property or area you are interested in. Ask them how many times their buyers have been successful in a multiple offer situation. The more success the better.
2) Be prepared! Make sure you are pre-qualified with a mortgage broker or your bank. This means you will have a written confirmation about how much they will loan you. Get as much information about the property that you can before you write an offer. This will allow you to have a shorter due diligence or “Subject Removal Period”
3) Know the market value before writing the offer. It’s very easy to get caught up in a multiple offer situation. Your agent should do an independent market analysis on the property to give you an idea of value. Decide what you want to pay before the offer is presented and stick to it.
If you utilize all three of these suggestions, your chance of winning in multiple offer situation increases dramatically.
Do you want a bidding war on YOUR property? Call us to check out how to create a bidding war on YOUR Property!
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