Because there are so many available homes on the market it is not uncommon for more than one buyer to submit an offer; and since the market is starting to pick up the amount of offers made on available homes is only going to rise. This is why we think it is a good idea to offer you some helpful tips on how to succeed when there are multiple offers for the home of your dreams.
The first thing you not do is over analyze the other offers that have been made on the home you are interested in. After you have viewed many homes and have settled on the one that you feel has everything you’re looking for the listing agent informs you that there is already an offer on the home. If this happens to you, take the realtor’s word for it. It is important that you not spend too much time trying to determine what the other offers are; if you like the home and feel that it is the one for you then proceed and make an offer. During this time it is important that you only make an offer that you feel comfortable with, do not feel pressured or allow yourself to get dragged into a bidding war. Stick with an offer that you are comfortable with and that isn’t higher than the estimated value of the home.
Your next step should be to focus your negotiations on the seller and not the other offers on the table. Although a listing agent may tell you that the other offer is higher or the other bidder has a larger down payment at their disposal don’t allow it to distract you from what the seller is really after. While the first offer may be higher, the other bidder may not be pre-approved for a loan or the offer isn’t as high as the listing agent would like you to believe. Remember that you are not negotiating with other bidders on the property, don’t get distracted by them; keep your focus on the seller and their wants, you may be in a better position to meet their demands than the other bidder.
The final step in getting your bid the attention it deserves is to present it in the best possible manner. Many sellers base their decision on which offer to take based on a variety of reasons, they could decide to take the first offer just to be fair, or they may choose the highest, they may even decide to sell their home to a family instead of a single individual. It is important that the listing agent know how much you are interested in the property, this can be done by scheduling multiple viewings of the property; some buyers also choose to write a letter to the sellers introducing themselves and explaining how much and what specifically they like about the property. Remember, this process is just as hard and stressful on the seller as it is on individuals making the offer, be patient and if your bid is chosen start packing.