current housing market; for example, in a buyer’s market, you will have a natural advantage to get the home you want for a great deal. Discuss with your agent, of course, but you could, for example, put in an offer well below asking price, and/or demand certain home repairs as a contingency; and/or ask for the seller to pay the closing costs. However, in a seller’s market, you’re at an automatic disadvantage. Now you’ve got competition. Your best bet is to offer close to the asking price. I will add this tip: Find out why the owner is selling. You can have your agent ask gently (and subtly) on your behalf to reveal the reason behind the sale. You might uncover a motivated seller who needs to move quickly and therefore is more likely to accept lower- than-asking-price offers.
DON’T Be Surprised by Multiple Offers.
Expect some competition, especially in a seller’s market. Other buyers might be interested in the same home you are, picturing themselves and their future living there. Sellers often consider multiple offers at the same time, and will make a final decision based on the best offer — for them, not you.
So how do you make sure your offer stands out?
• Be financially prepared. If you’re already pre-approved for financing, your offer is automatically more attractive to the seller. This is a guaranteed method for gaining the upper hand over other offers. • Bid close to the asking price (not too far below or too far above), particularly in a seller’s market. Putting in an offer that’s close to the asking price can save you time in the counteroffer process. 158
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