It seems like Deja Vu here in Phoenix. We're starting to see multiple offers being presented on properties. Buyers are started to get frustrated, prices are rising, and agents are getting impatient.
We've been here before and those that went through it before know what is was like. The landscape now is similar to what it was before: more buyers than homes for sale.
So how does a buyer win in a multiple offer situation?
1. Work with a Realtor that is experienced in this type of market.
That might mean you have to interview multiple agents to find one that has been in business long enough to have worked in a multiple offer market before.
2. Get pre-approved not just pre-qualified.
What's the difference. Pre-qulified is a short process that does not look at your true ability to get a mortage. You don't turn in any paychecks, bank statements, or fill out an application.
Where getting Pre-Approved requires you to fill out a mortgage application, turn in pay stubs, last 3 months of bank statements and your credit is pulled to see exactly how much of a mortgage you will qualify for. Pre-approved is a more in depth look at your financial picture than pre-qualified. To win in a multiple offers you need to get Pre-Approved.
3. Be ready to act and write an offer.
With multiple offer situations, gone are the days when you can go home and sleep on it. If you do that you will most likely miss out on what could be your dream home. So during 2013 with our multiple offer environment you need to be ready to write an offer every time you go out looking for homes.
4. Write a clean offer.
That means not asking the seller to pay for closing cost if you don't need help. Also not asking the seller to pay for termite inspections, appraisals, or reimbursement of fees if you don't need help with. Also if you can close quickly, put that in the offer. A 1 week earlier closing could be the difference between you getting the house and you still looking.
5. Submit a letter or video with your offer.
Today more and more sellers are accepting offers from families and individuals they connect with. There have been multiple offer situations where the seller took an offer for less money because they liked the buyer. So when you submit your offer write a letter to the seller and describe why you feel their house is the right house for you. Describe what you and/or your family felt when you walked into the house. Explain how, if it's close to your job, how it will save you time to commute to work giving you more time to spend with your family. Describe what getting their home will mean for you and your family. If you do a letter instead of a video include a family picture with the letter. If you do a video make sure everyone is in the video. If you have children have then say which room they chose and how excited they are to have their own room or a new room.
You can win in a multiple offer situation. You just have to be ready to do a few extra steps to get the home you want.
Click here for a list of homes currently for sale in Phoenix, Arizona
Comments(9)