Competing Offers as a Buyer
Today we’ll talk about what ‘s going to happen if you are in a competing offer situation as a buyer.
Firstly, during this spring market, competing offers are the norm not the exception. If you’re just beginning your home search, and you’ve looked at 10 homes with your agent during a Saturday and you decide I am ready, I don’t want to hesitate, I want to make a offer. Your realtor calls the listing agent to tell them you want to make an offer, and the listing agent says, we have 6 already, you better make it good! You may think, what a line! What a sales tool! Nope, it’s not a tactic, if your buyers agent informs you that you’re in competing offer situation, you really are.
The sellers and listing agent are looking at more than just the price that you’ve offered when they are evaluating how good your offer is. They’re also looking at financing types (cash? conventional mortgage? FHA? VA?). They are also evaluating what kind of inspections you’ve requested and how fast you are willing to make this happen. Last but not least, the close date. Request to the seller what their favorite close date is. I have seen buyers win NOT with the highest price, but if they accommodate the closing date.
Another thing you could do is to write an emotional letter to the seller as to why you love their home. You can also consider an escalation clause, meaning you’re willing to pay a little bit more than the highest bidder up to the certain dollar amount.
Of course, here is the other thing you need to know: There is only one winner, and sometimes you lose. I’ve been doing this 16 years, and I have always found that people end up in the perfect home, at the perfect time, for the exact right reason. Know that’s its going to be okay if you don’t get this home, it’s just not the right time.
As always my prayer for you, is that you mot just dream about living a wonderful life. but that you take the first step, and then the next towards living the life that you’ve imagined. Thanks for taking the time to read.