3 Tips That Can Help You Win a Multiple-Offer Situation
In a competitive housing market, having a great offer is key for buyers.
Multiple-offer situations are incredibly common in today’s market. As a buyer, this means you’ll need to figure out a way to make your offer stand out among the competition. Today we’ll be going over three simple tips that can help you write an unbeatable offer:
1. Offer more earnest money. Your earnest money deposit essentially indicates how interested you are in purchasing a property. El Paso has notoriously low earnest money deposits of around $500, but this is far too low for a market like the one we’re in. Boosting your deposit to 1% to 2% shows the seller you’re serious about their home and helps you get your offer accepted.
2. Helping the seller. You can include some benefits for the seller, such as ensuring that they have plenty of time to find another place to live. You could do a temporary lease, which allows them to rent out your newly purchased home for a few days while they wait for their funds to arrive. Offering this flexibility gives the seller peace of mind, which makes them more likely to choose your offer.
3. Present your best offer immediately. Some buyers think they can still bring in a lower offer initially and then negotiate their way up if needed, but this simply won’t work in our market. The seller is going to choose the best offers they receive and negotiate from there, so it’s best to put your best foot forward and offer the highest possible amount you can.
These tips can help you make a standout offer that wins you the home of your dreams. If you have any questions or would like more information about buying or selling, feel free to reach out to me. I look forward to hearing from you soon.