Multiple Offers?! What do I do?

Multiple Offers?! What do I do?

After months, maybe years of searching you have finally found your dream home.  Problem is, so did 5 other people and you are going to be competing with them in multiple offers to purchase this home.

Multiple offers are becoming more and more common in today's hot real estate market, but there are still some steps you can take to make your offer stand out. Here are a few tips to help you make your offer the successful one:

1. Make sure you are pre-approved or pre-qualified for a mortgage before submitting an offer - Being pre-approved or pre-qualified can demonstrate to the seller that you are serious and have the ability to purchase their home.

2. Submit a competitive offer with limited conditions - Consider submitting an offer that is a bit higher than the others limited contingencies or time frame to complete. This will demonstrate to the seller that you are serious.

3. Make sure your offer has a short closing period - A shorter closing period can show the seller that you are ready and willing to move quickly if your offer is accepted.

4. Include a personal letter - A personal letter to the seller can show them that you are passionate about buying their home and may appeal to their personal nature.

5. Be willing to negotiate - Being open and willing to negotiate can show the seller that you are a reasonable buyer and will be fair in any counter offers. Making sure you understand the market value of their home and what you are willing to pay for it. 

6. Consider including an escalation clause - An escalation clause can be used to ensure that your offer is the highest offered, or at least close to it. This will help guarantee you get the house if your original offer wasn't accepted among others. 

7. Be prepared to move fast - Acting quickly and decisively when making an offer can show the seller that you are serious about their home. This can help increase your chances of getting the house and closing the deal quickly.

8. Research potential problems - It is important to research any potential problems with a property before making an offer, such as home repairs, zoning issues and more. This will help you make an informed decision on the fair market value for the property and decide if making an offer is worth it.

9. Be flexible - Taking the time to understand what is important to the seller can be beneficial when negotiating a deal. Be willing to negotiate terms such as closing costs or other​​ ​​​ financial incentives that can make the sale more attractive to the seller.

10. Get a professional - Hiring a real estate professional can help you navigate the home buying process, as well as provide guidance and advice on making an offer that is in your best interest. 

Need help navigating the Edmonton Real Estate Market? Call us, let's chat about your options.  

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