A recent interview with GSDAR President Linda Lee inspired me to write a few tips for my clients about beating cash offers in multiple-offer situations.
Many of my buyers find themselves in multiple-offer situations these days, also called "bidding wars". I've had a lot of success getting our clients' offers accepted, so here are some tips:
Choose the Right REALTOR
We go the extra mile to connect with the listing agent. Sometimes all it takes is an extra phone call, email, or compliment to the listing agent. We are experts at putting our (and your) best foot forward, and listing agents always want to choose an offer represented by a REALTOR they know will be easy to work with throughout the transaction. Work with us and expect success!
It benefits you to be presented as a real family or person. Allow some personal details to be conveyed in the offer, like a short description of what you do for a living, or how this house is perfect for your family size. Many of the competing cash offers will be from investors who have very little personal interest in the property. Sellers like to know they are selling to people, not companies.
Show Commitment to the Area
We like to explain on your offer why this area is perfect for you. Maybe it is closer to family, school, or work, close to your church, or near a place of nostalgia. Sellers like to see why you are committed to buying their property and sticking with it until the end of the deal.
Have a Recognized Loan Pre-Approval
Your pre-approval must be bullet-proof! Get it from a nationally recognized lender, or one of our preferred brokers. Make sure your loan officer details the amount you are financed for, including some wiggle room, and what paperwork has already been reviewed. Sellers like knowing you have completed most of the loan process before making an offer.
Don't get Discouraged!
Its a tough market out there, and you might not get the first property you make an offer on. Sometimes your offer is reviewed by bank employees or estate administrators who only have an interest in their bottom line. Don't lose hope! The perfect property is out there for you.
Dennis Boyle, REALTOR
If you, or someone you know is interested in buying or selling property, please call right away!
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