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Dealing With Multiple Bidders

News | 16th Jul 2012

A really great property can often have multiple offers. But it’s not always a case of the most money winning the day. If you’re looking for ways to make your offer stand out among a crowd of other bidders, here are some creative tips that can often help.

Remove All Contingencies

If you do the work to make sure that your offer has no strings attached to it, it can often stand out among other offers. This means doing the legwork and lining up your financing in advanced and making sure that your offer is not dependent on securing a mortgage. If you make an offer that is dependent on the sale of your current home, your offer will not be accepted.

You can also waive the appraisal contingency if you feel particularly confident, although this means that if the valuation comes in low, you’ll need to pay the difference between the original, agreed-upon selling price and the appraised value.

Line Up Your Inspector In Advance

Waiving the inspection clause can be a risky decision. However, if you want an inspection done, lining up an inspector in advance and cutting down the wait time from the usual ten days to something shorter, like five, can often make a big difference.

Mind Your P’s and Q’s

When you submit your offer, make sure all of the required documents are attached and that everything is properly filled out, with no spelling errors, or weird marks.

You want to submit documents that are ready to sign.

As-Is Condition

Consider offering to take the property “as-is.” If you have the property inspected and something dreadful turns up, you can cancel the deal. But if the inspection period passes with an as-is clause, the property is yours.

Offer to Close Quickly

Sometimes a seller wants to hurry up and sell their home. If you offer to close quickly, you can make your offer significantly more appealing. It can tell the seller that you are ready to go, when you offer to close within the week or even the next day.

Offer to Extend the Closing Period

On the other hand, sellers may need more time. If you are flexible, and offer to wait 90 days instead of the usual 30 or 45, in order to accommodate the seller, your offer can stand out.

Whether you can close quickly or are willing to take a longer amount of time, what really matters is that you are flexible and willing to work with the seller.

A Personal Touch

Sometimes making an effort to let the seller know how much you love the property really makes a difference. Meet with the seller face to face, so they get to know you, or write a letter describing what you love about the property and how you admire what they have done with it. Likability can often make a difference.

Don’t Give Up, Anything Can Happen

If your offer isn’t chosen, you can always ask to remain a backup in case the offer that is accepted falls through. Anything can happen.

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