WHAT IF THERE ARE MULTIPLE OFFERS? FFERS?
In a seller’s market, you’ll probably have competition for the house you wish to buy. Sellers may consider multiple offers simultaneously. They will make their decision based on the best offer. They may also work with a single potential buyer and send counteroffers to them only.
You, as a buyer, won’t know.
The best way to protect yourself from multiple offers is to make your offer better than the others. Receiving a preapproval for the mortgage will be a good start to becoming the seller’s top choice. Also, let the seller know your financial options – for example, if you plan to put down 20%. Some mortgage conditions and funding programs are more attractive and may influence the seller’s decision. Bid close to the listing price. There isn’t much sense in offering significantly less in a seller’s market. Doing this will save you time on the ongoing counteroffer process. It would be helpful to review the list of conditions. The fewer clauses you have, the more attractive your offer seems to the seller. However, it’s recommended that the home inspection be removed. This means the seller won’t be liable for any uncovered issues with the house, and you’ll have to pay for the repairs on your own. Showing your intentions by making a significant, good-faith deposit and down payment will usually convince the owner of your commitment. This may finally tip the balance in favor of your proposal. Negotiating the price is a very stressful period in the home- buying process. You’re not quite sure what the results will be or how much money you’ll spend. Remember that the owner is interested in selling his home, and you’re willing to buy it. With a bit of time and a little effort,
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