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5 Tips to Dominate a Multiple Offer Situation
Manage episode 153201563 series 1084223
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How can you win a bidding war? There are a few strategies to keep in mind in these situations.
- Include a strong price. The highest offers always end up at the top of the pile. To ensure your price is aggressive, you can include an escalation clause in your offer. You can also agree to pay the difference between the appraised value and sales price with cash. Ideally, you should bid higher than the listing price.
- Submit a clear offer. Avoid contingencies. Limit the inspections you decide to do.
- Have financing in order. When you submit, everything should be filled out on a financial information sheet. Submit a pre-approval letter with your offer. Avoid home sale contingencies. A home settlement contingency is better, but not ideal.
- Add personal appeal. Find out as much about the seller as you can. Consider writing a handwritten letter about why you love their home so much, perhaps with a family photo attached.
- Find out what the seller is looking for. What’s their best situation? Do they want to rent back? Those terms are incredibly important to seller’s wants and needs.
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Find out as much about the seller as you can.
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You need to find a Realtor with a flawless reputation that you can trust. If you’re thinking about buying or selling in the surrounding area, give me a call or send me an email! I’d be happy to answer any questions you might have.
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