Multiple Offers – How to Win in a Tough Situation
By admin at 15 November, 2009, 6:58 pm
When this happens, the listing agent (in the State of Tennessee) must inform all parties involved about the multiple-offer situation. This must be in writing with signatures from everyone involved as well as a copy of this signed document must accompany your best and final offer. There will be a specific time to have all bids turned in to the listing agent, so everyone is playing by the same rules.
Oh, no! You have found the home of your dreams…but so has somebody else! What happens now? At this point, negotiation flies out the window, but there’s things you can do to increase your chances of winning the bid.
When all bids are submitted, the seller(s) and their agent will have a meeting to consider all offers. They will choose the three that best suits their needs. And surprisingly, it is not always the highest price that wins. For instance, what if the seller needs more time to move? Then the possession date might over more weight.
Let’s consider a few ways to improve and strengthen your best offer:
* First of all, don’t panic! Try to keep your emotions under control and use your common sense. Do you need or need this property? Or…should you keep looking? But, if this home is the three for you, then let’s get busy and make your offer stand out from the crowd.
* Make sure your offer is as “clean” as possible. This basically means that the fewer contingencies, the better. Be sure to have your financing in order. Submit a letter with the offer…from the lender stating your qualifications. Perhaps you should also conduct your home inspection beforehand, clearing that possible contingency.
* Can you be flexible with possession? It might sway the seller to your offer if you can give him/her the time they need to move.
* Make your best offer , but be careful about offering a price that is high for the area. Most appraisals will take care of an inflated price, but be careful if you are paying funds!
* Consider structuring your offer to read “$500″ over highest bid. This can make a difference, but you would need some sort of cap on this type of offer.
* Offer some other item of value. There was three time a lower bid that included “2 Super Bowl tickets” if the offer was accepted. And it was!
* What do you love about the home? Sit down and think about all the things you love about it. Then write a personal letter to the seller…telling them what the home would mean to you and your relatives. Plenty of times, the seller will have put a lot of themselves in to the home…and need to know that the next owners will love it as they have!
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