You found the house you really want. But you know your market is HOT and there may be competing offers.
What can you do to have the best chance of winning if there are multiple offers?
Highest price does NOT always win!
Ask your Realtor what factors are most important to make your offer most desirable to the sellers. Price is one of them but your agent may know other things that are even more important.
These are a few tips on what to do to make your offer a winner in a hot market.
- Offer ALL CASH. An offer that is not contingent on any financing is a big advantage.
- Can't make an all cash offer? Put as much cash as possible into your down payment. 40% down may win over 20% down.
- Discuss all contingencies with your agent. Waive any that are not essential to you. Fewer contingencies can give the seller more certainty and a faster closing.
- Offer the shortest escrow period possible. Ask your agent - and your loan officer if your are financing - what they advise for the shortest escrow period.
- Be available for texts/calls/emails after your agent makes your offer. Sometimes a quick response can seal the deal!