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We are in a strong seller’s market and multiple offer situations are fairly common. As a buyer, how can you make your offer stand out in a multiple offer situation? There are a few strategies you can use:

1. Be a cash buyer. If you can pull this off, good for you. Your offer will be put towards the top of the list, especially if you use some of the following tips as well. 

2. Add an escalation clause. That means you are willing to increase your price up to a certain amount depending on what the other offers look like. For example, let’s say you offer $310,000 on a $300,000 property. You’re above asking price, which is good, and you are comfortable upping the price to $320,000. That puts you in a great position to be successful.

3. Waive the inspection. There is some risk with this strategy. However, if you walk in with your eyes wide open and you are comfortable with the condition of the home, this is a great way to set your offer apart. Just be aware that even new homes can have issues. Again, we are in a strong seller’s market, so buyers are not in the strongest position right now. 


4. Put down a larger down payment. Again, not everyone can pull this off. If you can beg or borrow - don’t steal - some extra money to add to your down payment, you will put the seller’s mind at ease. Consider adding a note that you will pay this amount even if the home doesn’t appraise. A larger down payment gives you the ability to do so.

Since there are so many multiple offers, home prices are going up. Last week, my team and I sold a home for $50,000 over asking price. I’ve even heard of a property selling for $100,000 over asking price! Many homes that sell for prices that high have trouble appraising, so assuring the buyer that you will pay the difference if the home doesn’t appraise gives the seller peace of mind.

If you have any questions, give us a call or send us an email. We would be happy to help you!