How To Bid On A House With Multiple Offers

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How To Bid On A House With Multiple Offers

Sticky
Apr 26, 2021
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As I’ve been saying for months, the Phoenix real estate market continues to be on fire. Homes are getting several offers. They are selling quickly. And they’re often going for above the asking price. So, if you’re ready to buy a home, how do you bid on a house with multiple offers? It helps to have a Realtor who will fight for your purchase, but here are a few things we can have ready so that you improve your chances of getting that home.

What Does It Take To Win An Offer On A House?

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When you’re ready to put that offer in for your future home, these are some ways you can improve your chances of your bid getting accepted.

  1. Cash Is King. Cash gives you power since you won’t be dealing with banks and mortgage red tape. If you bring cash to the deal, you’re already at the top of the stack of offers.
  2. Waive The Appraisal. Some loans won’t allow you to wave the appraisal. In those cases, you might be able to negotiate the gap or offer a larger down payment. Remember, cash is king.
  3. Waive All Repairs. One of the biggest stressors to a seller is having to fix things up after that inspection. If you can take that burden off their shoulders, you’ll greatly improve your chances of a win here.
  4. Cover Closing Costs. The whole deal could come down to these final details. Offering to cover closing costs could be the detail that gets your bid accepted.
  5. Be Flexible. Find out your seller’s timetable to close and move, then give it to them.
  6. Make Your Best Offer. This doesn’t necessarily mean the highest offer. Use your Realtor’s experience and knowledge to put forth your best offer.

You may have heard that sending a “love letter” to the seller can help, You know these, they include photos of kids, dogs, the happy family, maybe even grandma. But these violate fair housing rules! So, don’t do it. If your Realtor is recommending this, then you’ve got the wrong agent.

They Call It A Sellers Market For A Reason

With multiple offers in hand, it’s the Seller who holds the cards in this deal. That means you have to put the most attractive offer in front of the seller, one that separates you from other buyers. When you use the tips above to give the Seller what they really want from this deal, you’ll be in a great position to win an offer on your new home.

Even if your first offer doesn’t win, don’t give up. I won’t give up! You’d be surprised to know how often, even in this market, second chances win the deal. Stick to it, and let me fight for it.

Call me today at (602) 689-1805.

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