Getting the house in multiple offers

24 Feb Getting the house in multiple offers

Getting the house in multiple offers

 

We are now in our busy spring season and the homes that are in the best condition, are priced appropriately and have a good location are getting multiple offers. So how do you get the home of your dreams?

Here is what you need to do…

 

• Get pre-approved and go with a lender that can call the listing agent and explain why you are such a wonderful buyer. The 9 to 5 banks and mortgage companies or online mortgage companies will not do this in the evenings, weekends or simply not at all.
• Know the market and what you want so you can act quickly. This also means seeing the home the moment it comes on the market.
• Have your finances in order so you can put down a good amount for earnest money (goes toward your down payment and closing costs). Also be prepared to have a good down payment. Everything being equal the seller will go with an offer with a larger down payment.
• Have your agent ask how many offers there are and what are special needs for the sellers…like specific closing date.
• The seller will like as few contingencies as possible so if you want an inspection saw no requests less than $1,000. So, the sellers do not think you are going to nickel and dime them. A pre-inspection or TISH is helpful to see to give you an additional layer of security.
• Consider an appraisal guarantee of an amount. That means if the home does not appraise for the full amount of purchase, you will add that amount to the down payment or cover the difference. You can talk about numbers and likelihood with your agent.
• Lastly, and very important is use an agent with experience…it is priceless.

 

I have sold over 4,000 homes and been in many multiple offer situations so that advice comes from years of experience. Call me and we can discuss other strategies that I did not mention. 😉

Look for more articles in the future on the state of Minnesota Real Estate. Let Jeff’s over 30 years of real estate experience make the difference for you!

 

Jeff Anderson

The Anderson Team

RE/MAX RESULTS

612-386-8600

www.mnrealestate.com