It's a home seller's dream and a buyer's nightmare. Multiple Offers!!!
Here are a few tips to help prospective buyers handle a multiple-offer situation.
1. Set a limit - Multiple-offer situations create an auction-type atmosphere, which can cause perspective buyers to overspend simply because no one knows how much the others are bidding. Set a maximum price on how much you're willing to spend on the home, and don't exceed it.
2. Make sure you can afford to go higher - Before submitting an offer, check back with your lender to have them run the payments at your specified maximum limit. This is especially important if you're offering more than what you originally planned to pay or more than what you were preapproved for. Make sure you know what your new monthly payments, down payment and closing costs will be with the new offer.
3. Be flexible on contingencies - Wisconsin real estate purchase contracts include contingencies for inspections, appraisals and financing the loan. These contingencies essentially allow the buyer to back out of the contract for a certain reason - An example would be if the inspection turns up something you don't like. By offering to shorten the inspection contingency to seven days, just may present you as a more favorable buyer. It shows the seller you're ready to make the deal. Just make sure you know your inspector can do job within that timeframe.
4. Arrange a call from the lender - Have your mortgage professional contact the seller' agent when your offer is presented. When a lender calls the seller's agent and assures them they have reviewed the buyer's financial information in detail and that they're qualified to make the purchase. A simple phone call ensures the seller and the agent that the finances are all in a row.
5. Recognize seller's values - Be aware that the seller may value aspects of the property differently than you - and you can use their preferences to your advantage. If the seller has worked on her garden for years and you show excitement over the rlandscapr and ose bushes, you're going to look better. Selling a home can be emotional and seller's want to appreciate the next owner of their beloved home.
6. Write a love letter -Sometimes sending a personal note along with your offer could sway the seller. A sincere letter about yourself with an explanation of why you love the house could go a long way in convincing the owner that you're a good fit. In a multiple-offer situation, it is a great idea to make you stand out from the competition in a sincere positive manner.
I hope these little tips provide value to you. If there is anything we can do to support your home buying needs, please feel free to reach out to us. We are always here to provide service and support you every step of the way.