Navigating a Multiple Offer Scenario

Mortgage rates are on the rise again but that won’t keep buyers from coming out of the woodwork during the spring and summer buying season. There is still much more demand for housing than there is supply which all but guarantees multiple offers on the homes available for sale. Even though it may feel like the seller is in the driver’s seat, here are a few ways to make your offer the most desirable. 

Being Beat Out

If the first offer you make is not accepted, ask your Realtor if there’s a second chance. If you really want the property, some sellers will allow all potential buyers to submit their highest and best offer by a certain date and time. 

Go Big *and* Go Home

Don’t assume that every seller will let you make a second offer, though. If it’s absolutely your dream property and you have your heart set, it may be wise to be upfront with your top of the line offer in hopes of besting other buyers. 

Find Ways to Stand Out

Unless it’s brand new construction, any home you’re hoping to buy has been someone’s home for years. They’ve loved it, made memories there, and likely have a strong emotional connection to the home. Sometimes including a letter with your offer is a way to win over the sellers. I’ve personally had dear friends trying to purchase a restored Victorian home and their offer was accepted out of all the interested buyers because their letter appealed to the emotions of the seller, the one who had put so much into the restoration of the home. My friend promised never to paint the original woodwork and to honor all the original details. This pushed their offer to the top of the heap.