If you’ve found the home of your dreams, but come to find out that there are more offers on the table, you have a dilemma on your hands. That’s why I wanted to share some tips about dealing with multiple-offer situations with you today and how you can win in this type of transaction.
For starters, you need to have an agent on your side who can communicate effectively with the seller’s agent. You want them to try to get some kind of information from the agent about what their client is looking for. Sometimes you can get the details from the agent that will help you tailor your offer to their needs. You won’t ever get a great feel, but you should be able to get a good ballpark feel to inform your offer.
Next, you will want to come up with a number that you’re okay walking away from if the offer isn’t accepted. Whatever number that is, if the price gets that high, you’ll know that it just wasn’t meant for you. It’s an emotional decision, but you don’t want to overextend yourself, losing leverage, and overpay for the property. You might not feel great about that decision looking back.
You’ll never know what happens when you give it your best shot. Even if you don’t offer the highest price, you can win out because of your terms. A short closing date is one such factor.
If you have any questions for me about dealing with multiple-offer situations or anything else related to real estate, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.