Have You Found the Perfect Home for Yourself or Your Family? Chances are you already did, but other people might find your dream home to be theirs too. There will always be a time when a seller receives multiple offers from many buyers, especially when inventories are low and demands are high.
So, how can you stand out in this competitive market condition?
Check these 5 Tips to Win a Multiple Offer Situation:
1. Get Pre-Approved, Not just Pre-Qualified.
Although, being pre-qualified gives you an idea of how much you can borrow for your house hunting. It doesn't show you the exact figure of how much you can have from the lender. Getting pre-approved gives the seller confidence that you are a serious buyer because you have verified your finances and creditworthiness.
2. Check Different Types of Financing
A home buyer can choose from a variety of mortgage options, each of which is special in its own way. In a multiple offer situation, the type of financing obtained by a prospective buyer can influence a seller's decision. For example, FHA (Federal Housing Administration) Loan and VA Loan guidelines are typically more stringent than a conventional loan program. It can include some conditions such as debt-to-income ratios, down payment amounts, and the number of seller concessions a buyer can receive.
Additionally, due to the stricter program requirements for FHA and VA, appraisers often recommend more repairs than assessors for conventional loans. If a buyer who has been granted approval for an FHA or VA mortgage can also be granted approval for a conventional mortgage, it might be quite advantageous in a scenario where there are numerous offers. The buyer will have a choice in the type of financing they receive if the seller accepts their offer.
3. Cooperate with the Seller
Knowing the seller's objectives is another valuable advice in a situation with many offers. When crafting the purchase offer to make it more alluring in the seller's eyes, it is a good idea to learn what the seller's plan is, either directly from the seller or through the seller's real estate agent. Inquire as to when they would prefer to close as well. Would they be open to seller possession following the closing? In a circumstance where there are several offers, you should do anything you can to make your offer stand out.
4. Give a Strong Offer
We all know that everyone wants to have a good deal in buying anything, especially when purchasing a home. One of the biggest mistakes a buyer could make in a multiple offer situation is having a low-ball offer. It's painful and disappointing when a buyer loses out on a home, and expecting to win in a multiple bid situation is almost impossible. If a buyer falls in love with a home and many offers are made, the buyer must understand that they will only have one chance to purchase that home. A seller is likely to consider all proposals before accepting one or selecting one to "operate with."
5. Provide a Large Down Payment
The next best thing in paying all cash is offering a large down payment. The seller knows that the less you borrow from the bank or other lender, the more you are to gain approval for the loan. (With less money at stake, the lender knows it can sell the house for enough to recoup its loan).
From a seller's perspective, it simply means a quicker deal and a higher success rate of closing the deal.
Bonus Tip:
The most vital piece of advice is that purchasers hire an excellent real estate agent. In order to put the interests of their clients first, they should be aware and experienced on what to do in various circumstances.
It's simple to locate a real estate agent, but harder to find an exceptional one who gets results.
PRODUCER Realty is a results-driven real estate company that has developed and implemented state-of-the-art systems with tools that take the guesswork out of successfully delivering results for our clients during their real estate transactions.
Our team consists of highly trained professionals, serving buyers and sellers in Greenville, Spartanburg, Laurens, Pickens, Anderson, and other surrounding Upstate South Carolina counties.
If you are looking for a Professional Realtor to represent your interests in Buying or Selling a home in the Greater Greenville Upstate SC area, We've got your back.
Contact Us at 864-438-5050 or visit www.GreenvileRealEstateHub.com.
