Coming out on Top in a Multiple Offer Situation
Posted by 
Al Filippone Associates on Thursday, July 2, 2009
Yes I said multiple offers. If you are actively looking for a home in Darien, CT or other towns in Fairfield County, you may have been on the losing side of a multiple offer situation. The trend is more common than you would expect, and it is a true sign that the market is beginning to change. More buyers are taking advantage of low prices and sellers are becoming more realistic in their pricing. For sellers, having multiple offers on their home is a great situation and puts them in the driver’s seat. For buyers, it can be very frustrating. Here are some tips on how to come out a winner in a multiple offer situation:
- If you’ve done your research, and think you have a good understanding of the value, offer at least asking price if not higher.
- Beat the odds and don’t use a benchmark number for your offer price. (choose $703,000 instead of $700,000) Most choose benchmark numbers. Even beating others by a thousand dollars can make the difference.
- Find out the seller’s situation and what would be an ideal closing date for them.
- Beg, borrow or steal (well not steal) in order to make your down payment as substantial as possible. This gives a seller more peace of mind.
- Make sure your offer is in writing, neat, and complete. Include all disclosures, clear binder with all the terms, pre- approval letter (having 2 is a plus) and copy of the check for your “good faith” deposit.
- Your terms should include the quickest dates possible for building inspection, formal contract, and mortgage contingency.
Finally, write a letter to the homeowner and present it with your offer expressing your love for the home and include all of the sweet details about raising your children there and/or spending your golden years there. You never know when tugging on their heartstrings may put you on the top of the list.
