The problem is, you won’t know. You won’t know how many buyers are looking at the property, how many other offers are out there, how many offers the seller is considering, or whether yours is the best or not. What can you do to protect yourself? Make sure that your offer is better than the other offers. How? • Get official pre-approval for a mortgage in the amount of the asking price; this is one way to make your offer more attractive than others. It’s also helpful to let the seller know about all your financial options, such as mortgage conditions and funding programs; some will be more attractive to the seller and therefore influence his/her decision. Having your finances ready and lined up is a surefire way to gain the upper hand over other buyers and offers. • Bid close to the listing price when there are potential multiple offers on the table. This is another way to gain an advantage over other buyers. In a seller’s market, there isn’t much sense in offering significantly less than the asking price; it won’t do you any favors, and could put you out of the running. Further, bidding close to the listing price will ultimately save you time on the ongoing counter offer process. • Review your list of contingencies. This is helpful in ensuring your offer is the best one. The fewer clauses you have, the more attractive your offer will be to the seller. Together with your agent, think about what you can afford to give up (concede). Note: Keep “home inspection” on your contingency list. If you don’t, the seller won’t be liable for any uncovered issues with the condition of the property, and you’ll be the one paying
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