Preparation starts with assembling a strong financial package.
If your target property attracts multiple offers, you want yours to stand out. By
the time you learn that other offers are at hand, it’s probably already too
late to begin putting together documents—they should be in hand before you even
identify a property. Getting pre-approval for your loan, having a letter that
says so, and being able to show you have funds available can be persuasive.
When it comes to making the offer itself, although including
“Subject to” clauses will protect you from unforeseen problems with the
property, when multiple offers are on the table, the fewer contingencies the
better. Again, only preparation will make this reasonable. If you’ve had an
advance home inspection, and also made sure that there aren’t any right-of-way
or easement issues, your offer can be significantly more attractive.
Personal preparation can be another positive. Visiting the
property on several occasions at different times of the day should give you
added confidence for what the home is truly worth to you…and when the listing
agent and owner can put a face to your offer, it tends to strengthen its
validity. When multiple offers on a CentennialCherry
VillageParker property occur, it’s possible that someone is
going to bid more than the home is really worth. If you’ve done thorough
research and know precisely what its value is in today’s market, that won’t be
you. Having your bottom line number unshakably in mind means that in any bidding
war, you’ll be able to sweeten your offer without hesitation. You can be
creative, perhaps by offering to reduce the seller’s costs by picking up escrow
fees, transfer fees or title policies; perhaps by offering the seller a few
additional days to move without seeking financial compensation in return;
perhaps by increasing the down payment or earnest money. When you know your bottom line, the arithmetic is
uncomplicated (and your less-prepared competitors are more likely to throw up
their hands!) And then…should the bidding go over what you know it’s
worth, you’ll be ready to walk away. There will be other properties to bid for
– and I’m always here to help keep all your options open!
Curious what your home is worth? Use our FREE online
valuation tool Click Here!
Jason Peck is a Broker
Associate at Keller Williams. He has been recognized locally and nationally as
in expert in real estate. Locally he is 6th in Denver Metro home sales out
of 5,000 agents and has been recognized by the Wall Street Journal and Real
Trends as one of the top selling agents in America. He is co-author of
the National Best Selling Book, “The New Rise in Real Estate”. For more
information feel free to contact
himor call 720-446-6301.
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Author:Jason Peck Phone: 720-446-6301 Dated: February 17th 2014 Views: 2,751 About Jason: ...
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