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The spring market is heating up, and we are seeing a lot of multiple-offer situations. Gone are the days when a buyer could submit a lowball offer, and there was a good chance the seller might accept it. In today’s market, the competition for homes is high, which is why I’d like to share some tips on how to win in a multiple-offer situation:
1. Get a negotiation expert. A buyer’s agent skilled at negotiating is one of the best weapons you can have. They’ll know how to reach out and negotiate effectively, gathering information from the listing agent, from asking about the seller’s company to what concessions are appealing and preferable to the seller. An agent who takes time to reach out, even on a phone call, can get valuable information that can give you an upper hand.
2. Use an escalation clause. Escalation clauses are powerful because they stop you from paying much more than any other offer, especially if you don’t know the different offers. When you use an escalation clause, you can indicate that you’ll pay $2,100 above the highest offer up to $337,000. It would be good to use odd numbers to add a little more than most people would normally say. This little extra can be your make-or-break when buying a house.
3. Shorten the inspection time frame. This doesn’t mean removing inspection contingencies, because those are very important. But you can include that the inspection is for informational purposes only in your contract. This informs the buyer that the home is being sold, giving your offer some edge.
For questions or if you are interested in getting into the home-buying process, please reach out to us. You can contact us by phone or email; we would happily schedule a personalized strategy session with you.
