When you're ready to buy a house, finding the perfect property can be an incredibly exciting moment. That being said, other buyers may feel similarly about the same home. If you're shopping for residential real estate, here's a guide to managing situations with multiple offers.
How Sellers Manage the Situation
Having multiple offers on a property is advantageous to a seller, but deciding which to choose isn't easy. If there are several offers within the same range, the seller's agent may inform the potential buyers about the best or highest offer in case they're willing to alter their original offers. This may lead to a few rounds of back-and-forth as buyers compete and look for ways to increase their odds of securing the home.
What Interested Buyers Can Do
A bidding war can be challenging for a buyer, as you have to vie for the same property as other individuals. Get advice from your real estate agent by asking them to devise unique ways for your offer to stand out.
For example, a personalized, handwritten letter to the owners of the property can go a long way. Many sellers have cherished memories of living in a home, so kind words and messages about how you plan to enjoy the property may give you an edge while forging a personal connection.
Other ways to enhance your offer can include shortening closing contingencies, waiving the appraisal, offering above the asking price, or paying in cash. Being highly communicative, having proof you're preapproved for a mortgage, and scheduling the home inspection immediately to ensure you close quickly will also give you an advantage.