Six Essential Tips to Win a Multiple Offer During a Sizzling Hot Market
It appears that multiple offers will remain the norm for 2021. To win a multiple offer requires some strategy. Mortgage interest rates remain at or near historic lows and there are more buyers than homes available for sale. Prices continue to rise as the inventory shortage remains for the foreseeable future.
• Present a current pre-approval or “proof of funds” letter with your offer.
• Submit at least 2% of the sales price for an earnest money deposit. The bigger the stronger.
• Almost all homes are selling for over asking price at the moment. Make your “highest and best” offer right off the bat.
• Eliminate the home inspection contingency if you feel comfortable with the condition of the home.
• Offer to pay cash for the difference between the sales price and the appraisal.
• Don’t ask for the seller to contribute to your closing costs.
Realtor Magazine offers additional tips for winning when you are in a multiple offer situation.