Winning at Multiple Offers Tips to Beat the Competition
Here were are once again back to multiple offers depending on the price range that is.
In Franklin MA and many of the surrounding communities properties that are priced under $325 and are in good condition are flying off the "shelves"!
Sellers are loving it, and Buyers are dreading it.
So, What's a Buyer to Do?
- Be in a relationship. With a buyers agent that is. They will call you as soon as a home that fits your needs hits the market and sometimes even before!
- Get on an email update list. Do not rely on searching just any web site for homes hitting the market. Instead, get your Realtor to put you on their hunt list. This way you see what they are seeing and nothing will slip through the cracks.
- Get a strong Pre-approval letter. Do not wait until you find a home that you want to see before you find out if you can afford it. A good pre approval from a reputable lender, when submitted with your offer, will make your offer stronger.
- Make an appointment to see the home as soon as possible. Don't wait for the weekend if you can help it.
- Be ready to make an offer. Be ready emotionally to make a decision. Know the areas that you like ahead of time and be realistic on what is truely important to you. Recognize that there are always trade offs and be willing to act immediately.
- Put a compelling offer together. Think, price, terms, conditions. That means a realistic price based on comparable sales, the best terms you can muster up. Instead of $299,900 offer $300,000. I know it sounds cheesy, but it can nose out the competition. Keep the contingencies to a minimum, and in most cases don't ask for anything that you don't really need. Clean and simple.
- Make it personal. Write a letter of introduction and tell the Seller who you are and that you like their home. It will put a personal face on your offer and just might be the thing that tips the scales in your favor.
- Be ready to counter offer if needed. Respond as quickly as possible. Do not "sleep" on this. Move this offer together and get to the next step. In a multiple offer situation, many times the seller will respond to all offers asking for your "best and final". Be prepared ahead of time for that. There are times when you might bid over the asking.
- Be available for signatures. Either electronically or in person. The offer needs to be signed and in writing for it to be considered binding.
REMEMBER.... your offer is not considered a binding contract until all parties have agreed to and have signed it!
About the author
Carol-Ann Palmieri, a full time Real Estate professional in Massachusetts for the past 24 years along with Al Mussi have helped hundreds of families find, sell or purchase new places to live.
A former US Marine, she grew up in Walpole, MA... is committed to the serving the community through various volunteer opportunities. She attended MA Bay Community and Suffolk University and is committed to constantly updating her Real Estate education.
Licensed in MA and RI...
Al and Cal's primary areas of service Franklin, Bellingham, Medway, Millis, Medfield, Norfolk, Wrentham, Plainville, Blackstone, Walpole, Milford, Holliston, Hopkinton, Mansfield, and Foxboro, North Attleboro, Hopedale, Mendon, Millville but have resourses to help anyone, anywhere....
Her mission.... To exceed your expectations!