In a competitive market like ours, both homebuyers and sellers need a strategy to be prepared to handle multiple offers on a home.
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Whether you're buying or selling a home, it's important to have a strategy to win in a busy market like southwest Florida where multiple offers on a home are common.
When our team has a seller, we always recommend that they look at all aspects of the offer, not just the price. This included terms and conditions. Price is certainly still important, and it's usually the first thing the seller wants to know. As a buyer, you want to make an informed offer, meaning you've considered recent sales and current active sales.
When our sellers receive multiple offers, we want to be fair, so we go to the agents and let them know that we have multiple offers. We want to give them an opportunity by suggesting that they come back with their highest and best offer to give it the best chance.
Next, we look at inspections and contingencies; if an offer comes in clean without them, it certainly moves up a notch in our minds. We don't necessarily suggest going without inspections as a buyer, but at the same time, you may be competing with another buyer who waived inspections. In fact, many buyers will use a home inspection as a negotiating tool.
When our team has a seller, we always recommend that they look at all aspects of the offer, not just the price. This included terms and conditions. Price is certainly still important, and it's usually the first thing the seller wants to know. As a buyer, you want to make an informed offer, meaning you've considered recent sales and current active sales.
When our sellers receive multiple offers, we want to be fair, so we go to the agents and let them know that we have multiple offers. We want to give them an opportunity by suggesting that they come back with their highest and best offer to give it the best chance.
Next, we look at inspections and contingencies; if an offer comes in clean without them, it certainly moves up a notch in our minds. We don't necessarily suggest going without inspections as a buyer, but at the same time, you may be competing with another buyer who waived inspections. In fact, many buyers will use a home inspection as a negotiating tool.
A creative Realtor will help you find the best deal that's a win-win for buyer and seller alike.
You might have a financing contingency in an offer. Cash offers are the best type to deal with, but if there's a mortgage contingency, we want a written pre-approval letter, not a pre-qualification letter. There's a huge difference between those two, but we'll address that in more detail in the near future. As a buyer, you want to be sure you have your pre-approval letter before you even look at your first property. There's nothing more heartbreaking than not having your offer accepted because you didn't do your homework! We make sure our buyers are ready, willing, and able. This is important for sellers as well as it will help you be sure you get to closing when you accept an offer. Finally, you have to consider the closing date. What works for the seller and what works for the buyer? Are the dates set in stone? How important are the dates to both parties? We'll ask a lot of questions to find out what the needs and the wants are. We might be able to give on a 'want' but those needs are set in stone and can't be compromised. If a seller has already bought another property, for example, they might be willing to accept an offer with a lower price if it has a faster closing. They probably won't want to have to get interim financing. Tons of things come into play when determining the best offer for a home, and a creative Realtor will help you find the best deal that's a win-win for buyer and seller alike. If you're thinking about buying or selling a home in the area and you need a creative Realtor to help you out in our hot market, just give me a call or send me an email. I'd love to help you!
