How to be the winning contract in a multiple offer situation. A few small things to remember when you are putting together an offer that is competing with multiple offers. Every seller is different of course, however the last 2 listings I had where both multiple offers and a few of the things that were the deciding factors were interesting and got me to thinking about my next offer .
My first listing that had multiple offers 5 to be exact .
First and foremost if you really want the house and it is a multiple offer situation, you better give a full price offer or over. I always tell my buyers give as much as you are comfortable paying ,also offer enough so if you don't win you are not second guessing yourself . But you know that someone loved it better than you . If you have to ask for closing cost in this Texas market ,you may be out of luck during multiple offer. May want to consider saving a little first or seeing if you qualify for
The Seth 5 Star Texas Program.
The outcome on this particular deal was given to a family that had offer the same as a cash offer but had VA Financing. The family wrote a story about their family and sent a picture . He was in the Military ,she was in college.The seller had several friends in her neighborhood that she was leaving behind ,and didn't want to create another rental in the neighborhood that she called home for the last 15 years. This Seller was all about helping a member of the military ,and remembered when she had bought her first home . It might not always work ,but what do you have to lose . Get your story typed up nicely, have it ready and submit it with every offer .
Second Listing with Multiple offers
This particular seller didn't have any emotional attachment to their neighbors this was an investment for them. Seller had 8 offers and they didn't even want to look at financed offers it was all about the cash for them . They knew if they went with an offer that was financed, being $5000 more than the highest cash offer it wouldn't appraise. However that being said we had 3 cash offers, One of them was 3000 dollars less than both of them . The last two cash offers standing one was $1000 more but they asked for a home warranty and a new survey .
Note: If you have enough cash to buy a house don't ask for anything .Buy your own survey and home warranty ,adjust the price don't ask for stuff just because you are offering above full price .
That was one thorn in sellers side.
The buyer that actually won this one can thank his Realtor .
1. The address was correct on the winning bid and the other contract wasn't .
2. The agent didn't change the title company on the winning bid and the other contract did.
3. The agent used the new revised TREC contract and the other offer was on the old contract.
These 3 items to some may seem small and yes fixable however to the sellers it looked like a detailed agent that would be easier to work with.
So next time you are putting in an offer whether you are a buyer or Realtor, please take note to the small details, it may be the deciding factor of picking a WINNER!
Moving to Fort Worth Texas check out my Real Estate Blog!
Comments(0)