They are most of the time subconsciously telling you they will come down to that lower price. This also means that if you keep your wits and continue negotiating, you can probably get a little better. Avoid meeting in the middle if at all possible and make sure you are not the first one making that offer.
WHAT IF THERE ARE MULTIPLE OFFER TIPLE OFFERS?
We have covered some of this above. In a seller’s market, you’ll 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 which may just be based on price or other factors as well. They may also choose to work with one potential buyer and only send counteroffers to them. 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. Since almost all offers today are submitted with a pre-approval, having that done does not give you an edge up, it only hurts you if you don't have that done. Down Payment. Down payment is huge. Even if you are pre- approved for a mortgage, the amount you are putting down could make your offer more attractive than others with less down, even if your offer price is slightly less than the other offers.
Keep these tiers in mind:
• Cash is King • 50% down is excellent • 20% down is still good • 10% down not as good
• 5% down even less favorable • FHA / VA even less favorable
79
Powered by FlippingBook