If you’ve been looking to buy a home in the Portland Real Estate market in the last few months, you may have had first hand experience with a home with multiple offers. If you’re one of the many people with an offer on a house, it can be a nervous period for you, worrying that your offer may not get accepted and you’re going to have to end up looking at more homes and working with your agent to write more offers. You don’t want to do that, you want to be able to move into your new house now, not wait to find another house. Follow along below as we take a look at a few tips for getting your offer accepted so you can get a new home without writing 100 offers.
Cash is (not always) king
Presenting a cash offer can be a very strong way to ensure that your offer is accepted, but most people don’t have hundreds of thousands of dollars in cash just sitting around. How do you counter those cash buyers?
- Make sure you’re not just pre-qualified, but pre-approved for a specific amount. Pre-approval guarantees that your finances are what they need to be and that the seller won’t run into issues when completing the transaction.
- Work with a local lender. This can help assure both sides that the transaction will be smoother, as you can .
- Increase your earnest money. Having a solid amount of earnest money tells the seller you’re not messing around and that you’re ready to buy.
Make your offer irresistible
The most money doesn’t always win the bidding war. Making your offer terms better than the next offer can often get you put on top of the pile when it comes to multiple offers. Doing things like limiting your contingencies and shortening your contingency periods shorter can help boost you past offers that may be higher but demand a lot of the seller.
Making yourself flexible can also help as well. Maybe you’re able to offer rent back so the seller can find their next home, and maybe you’re even willing to offer free rent back to sweeten the deal. Making the closing date flexible can also help. Maybe the seller wants to move quick, or perhaps they need some time to close. Giving the seller this kind of leeway can help.
Let your agent guide you
Your agent is there to assist you and guide you through the whole process, and a good agent will take those extra steps to assure that you’re being taken care of. They can build a rapport with the seller’s agent in order to try and find out what the seller is looking for so that your offer is more likely to get accepted. They can also connect with your lender and go over the property with them so that they know what to expect when it comes time for your loan to be approved.
Hopefully this has prepared you to battle through multiple offers, and when you’re ready to take the leap, contact us if you’re looking for an agent willing to step up and help you navigate a multiple offer situation.