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Battling Multiple Offers and Winning Your Dream Home
Sarasota, Florida has it all--beautiful weather, amazing amenities, and a community with something for everyone. It's no surprise that, when buying a house, you might find yourself in a situation where the home you want has multiple bids.
It may seem like the only thing you can do is raise your offer and hope for the best. Sometimes doing just that is the simplest way to get a seller's attention. Still, it's not your only option.
In an ideal situation, you'd make your offer, find out you're the only buyer, and move toward closing within a few weeks. Still, there are some homes that are worth the extra effort. Let's look at some steps you can take to fend off multiple offers and emerge victorious.
Multiple Offers Don't Mean the End – Here's What You Can Do
- Stay Calm
Just because there are multiple offers, it doesn't mean you're out of the running – even if offering more money is not right for you. Other would-be buyers could fall in love with another property or discover something they don't want to deal with in the current one. An agreement could fall apart for hundreds of reasons, even something as simple as a personality conflict. - Get More Information
To start, you should work with your real estate agent to figure out, if possible, how many offers are out there and what the current high offer is. Outplaying just one other buyer isn't that hard, but do you want to push forward against three or five? If budget is a concern, you should tread carefully at first. Don't let emotion draw you into a costly "bidding war!" - Write a Letter
When you lead with a more generous offer, it can foreclose other options that might be just as effective. Building a human connection with the seller can be a tremendous help. Send a letter that offers a quick biographical sketch, including reasons why you've fallen in love with the property in question. Sellers are more likely to work with those they like! - Offer Cash
Financing adds a lot of time and complexity to an offer. If you have the opportunity and you're confident the property is right, consider paying in cash. This can be a huge relief to sellers, since it simplifies things and allows them to meet any deadlines they've set for themselves. If you know you'll need a mortgage, get a pre-approval to raise a seller's confidence. - Buy the Home As-Is
Many buyers are anxious to avoid purchasing a property "as-is," feeling that it must mean the seller is hiding something. You can defend yourself against this by getting a property inspection done. Still, if you really want to make a unique impression on a seller, bring up the topic of buying as-is – especially if the seller hasn't mentioned it. - Ask Your Agent to Make a Call
Your real estate agent is there to ensure your best interests are represented. A good real estate agent is a partner who understands not only the market, but the personalities involved. Sure, a miracle is unlikely ... but it never hurts to turn things over to the experts. It just might be the case that a quick conversation with your agent may make a decisive difference.
Buying a house requires the best help you can get. Contact Wagner Realty for the top Sarasota homes – our REALTORS® work hard to get you the home you dream of!
