Greater Seminole County Real Estate Report 7-15-20: You’ve found the home of your dreams, only to find there are multiple offers on the table. How do you make sure your offer is accepted?
Winning a Multiple Offer Situation
Due to in part to the inventory shortage that Florida’s real estate industry continues to experience, there is no doubt that it is still a seller’s market as we move into the second half of the year. If you have found the home of your dreams, chances are other buyers have their eye on it too! Multiple offer situations are common when inventory is low. How do you tip the scales in your favor? Let me share with you a couple of tips for increasing the chances that your offer will be the one accepted by the seller!
Preparation Goes a Long Way
Sellers are more apt to choose a buyer who is already pre-approved. This shows that you can actually afford the home. It is also a good idea to work with a lender who can push your loan through underwriting ahead of time. An experienced Realtor can help make sure that you have everything in order when you find the home of your dreams.
Submit a Reasonable Offer
Obviously, you want to get a great deal on a home. However, when multiple offers are on the table, it is important to be realistic. Sending in a low-ball offer is insulting to the seller and may very well end up in rejection without a counteroffer. This is especially true if the seller has other offers on the table. Your Realtor will take into account comparable properties in the area. Together, the two of you can come up with a reasonable offer that the seller will be open to and that you are comfortable with.
Although the offer amount plays a large part in if the seller accepts your offer, so do the contingencies. For instance, can you close in the time frame the seller desires? If the seller needs to stay in the home a certain length of time, are you willing to accommodate? Be prepared to meet as many contingency requirements as you can.
Letter to the Seller
Do not underestimate the power of a thoughtful letter to the seller. Writing a letter that explains why this home means so much to you might sway the seller’s decision in choosing which offer to accept.
Have the Advantage with an Experienced Realtor
Partnering with the right Realtor can make all the difference when it comes to getting the home of your dreams! My team and I are dedicated to helping you through the entire buying process. We will discuss strategies that are right for your situation and increase your chances of an accepted offer. Feel free to contact me and my team with any questions you have at firstname.lastname@example.org or 407-330-2181. Until next week, stay safe and happy home buying!
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