“We’ve found a home that we really want, but it’s entangled in a multiple-offer situation. What do we do?” I’ll shed some light on what to think about in this type of scenario today.
Even before writing your offer on the home, have an inspection done first.
See which contingencies you really need and which ones you can live without. Do you need to have a finance or appraisal contingency? If not, you can elevate your offer by taking them out.
If you have your heart set on a home, put your best foot forward when making your offer. Knowing that another buyer that might be willing to pay more is right behind you, ask yourself: What is my real number? It’s important to cement a threshold in your mind so you know how high you’ll be willing to go in a bidding war.
Let me share an experience I had with one of my buyer clients recently:
The buyer found a home they loved, but they were a little concerned about overpaying for it. As it turns out, they probably would have been willing to pay a few thousand dollars more if it meant winning the home, but their overconcern about price kept them from going any higher; they lost the house to another buyer as a result.
It’s important to understand that once a home goes under contract, that’s a new comparable listing.The next one won’t be less—it’ll be similarly priced or higher, unfortunately.
If you’re a buyer who has found yourself in this situation and you’re unsure of what to do, please give me a call at 240-731-8079. I’d love to have a conversation with you! Join me again next week for another edition of “What’s Working Now Tuesday at 2”!
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