How to Deal With a Multiple Offer Situation
What happens if the property that you’re making an offer on now has multiple offers?
What many people don’t realize is that you will not get to know any details, like the price or conditions of the other offers. You will only know how many other parties you’re competing against. Once you know that, you can then adjust your offer in order to make it more appealing to the sellers.
Of course, increasing your purchase price will help you out greatly, but there are other things that you can do to make yours more appealing. Including, as little conditions as possible, shortening the timeframe of those conditions, or even having a firm offer will help you out, as well. This may mean doing a home inspection prior to the offer date or forgoing a home inspection.
Now, if you use a great mortgage broker, they can sometimes get you approved before the offer date so that you do not have to include the financing condition.
We always advise our clients to go in with their best possible offer first, because you often do not get a second chance to improve. Unless two offers are very similar, or the same, the sellers will choose to accept the best offer right away. Make sure that you’re giving it your best shot first.