WHAT IF THERE ARE MULTIPLE OFFERS?
In a seller’s market, you will probably have competition for the house you wish to buy. Sellers might be considering several offers at the same time. They will make their decision based on the best offer. They may also choose to work with one potential buyer and only send counter-offers to them. You as a buyer will not know. The best way to protect yourself from multiple offers is to make your offer better than the others. Receiving a pre-approval for the mortgage will be a good start to becoming the seller’s choice. Also, let the seller know the financial options that you have. Some mortgage conditions and funding programs are more attractive and may influence the seller’s decision. Bid close to listing price. There is not much sense in offering significantly less in a seller’s market. Doing this will save you time and curtail an extended counter-offering process. It would be helpful to review your contingencies list. The fewer clauses you have there, the more attractive your offer seems to the seller. However, it is recommended not to remove home inspection. This would mean the seller would not be liable for any uncovered issues with the house, and you would have to pay for the repairs on your own. Showing your intentions by offering a large good faith deposit and down payment will usually convince the owner of your commitment. This may finally tilt the balance towards your proposal. Negotiating the price is a very stressful period in a house buying process. You can’t be sure what the results will be, or exactly how much money you will spend.
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