Real Estate Tips: Multiple Offers on a House for Buyers

[Amy Shair, REMAX Real Estate]

The Triangle real estate market has been picking up during first quarter of 2012. One clear indication is the number of properties for sale that have received multiple offers. That means the sellers have 2 or more offers simultaneously to consider and negotiate.

Buyers need to understand the things that can make their offer stand out to the Sellers:

1) Price: work with your agent to determine what price you should offer. Keep in mind that the seller will note if you ask them to pay any closing costs, home warranty or any type of allowance for decorating or known repairs/updates.

2) Dates:  including the closing date and dates for loan approval and inspection items which in NC is usually considered the due diligence date.

3) Deposits: the amount of the deposits can be relevant in a multiple offer situation so discuss with your agent what strategy to use in determining what amount you will offer for deposits

4) Financing:  how much of a down payment you plan on putting down and whether you have a pre-qualification or pre-approval letter from their lender

5) Complete offer:  all fields filled in with required addenda and no missing paperwork

If you want to have the sellers choose your offer, you have to get noticed and be able to back it up with other strong features in your offer.

Remember that the seller may choose to work with your offer but may not accept it as written. The seller may offer an opportunity for all buyers to submit their highest and best offer before deciding, The seller may choose which offer to work with based on any criteria they choose so it is often not a first come, first served basis.

How About You?  Have you ever been in a multiple offer situation as a buyer?  Please respond below.