Multiple offers on Olathe homes are becoming more and more prevalent. Since March I've now put four homes under contract with multiple offers and had buyers lose out on three. When there are multiple offers on a property it is not always just the highest offer that wins, there is strategy involved and an experienced agent can help guide buyers to making their offer as attractive as possible.
As an example on one of my deals that had multiple offers in Olathe, the agent told me that we weren't the highest, but since my buyer was using a conventional loan and putting down 10% the seller felt there was less risk. So remember the type of financing you're using can be important and it may not be a bad idea to see all the options you qualify for.
On another one, also in Olathe, I asked the listing agent how much over asking we needed to be to ensure our offer was selected. While it's a gray area and not always viewed as proper to talk about offer amounts, I've found that instead of asking where the competing offers have come in, asking where we need to be can be helpful in submitting an offer that the sellers will choose.
Every area across the country has bad lenders. There are lenders that area Realtors know only close on about 60% of their pre-approvals. There is also a big lender who's nationwide that hasn't closed a single deal I've been involved with on time. Sometimes being qualified by two lenders can help you secure the house over your competition as well. Almost every Realtor has at least two or three lenders they've worked with and know produce excellent results. So ask your agent if you should get cross qualified to strengthen your offer position.
While there are more strategies including closing dates, earnest money amounts and concessions, these outlined above seem to be the more important ways to ensure your offer is selected. Hopefully if you come across a home with multiple offers in Olathe, you'll be better prepared to make that dream home yours.
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