These last few weeks have been very busy ones for home buyers and sellers alike! The housing inventory in the Greater Boston Area is low and the number of buyers in the market in high. As a result, multiple bid situations have become the norm in many communities. It is important not be intimidated by the multiple bid situation. Each buyer has the right to put forth an offer of their choosing, and each seller is looking for different things in an offer which will appeal to them above the others. Sellers have been known to take a lower price if the dates and terms of the offer best meet their needs. So, dive on in and you may be the lucky winner.
Here are 5 things to keep in mind when making an offer which may help strengthen your position as the buyer.
1. Always have a lender in place before making an offer. You should have a full understanding of your ability to finance the property you are looking to buy and have the pre-qualification letter in hand to prove it to the seller.
2. Don’t be afraid to offer above the asking price. Every property is worth a different amount to each buyer – does the two car garage add value for you or does it take away yard space you would rather have? Does the proximity to the highway mean a shorter commute or just an annoyance of traffic noise? Make the offer that feels right for you.
3. Consider removing contingencies to make your offer more competitive. If you are completely secure in your ability to finance the property, maybe you could remove your financing contingency. If the Seller has assigned a few days in-between the time of the initial showings or open house and the time of offers being presented, schedule a home inspection, if you feel you need one, and make an offer without inspection contingencies.
4. The details of the offer do matter. Be sure you are meeting the date requirements that are best for the seller, consider putting down larger deposits at offer and purchase and sale to indicate your commitment, and have your pre-qualification letter or proof of funds as part of the offer.
5. Put your best offer forward. You may not have an opportunity to come back for a second round.
These suggestions can't guarantee success in getting your offer accepted but we think that they will get you on the road to a better understanding of the multiple offer process. If you would like to speak to an agent versed in multiple offer situations, please contact and Avenue 3 Agent today!