One of the most stressful situations in home buying occurs when other buyers are competing for the home you want. To make an offer on the perfect house only to find out you have entered a bidding war is certainly frustrating. ⠀
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It doesn’t happen often, but if there is a shortage of homes for sale, or you are looking in a particularly sought-after area, it’s a possibility. ⠀
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It’s common to feel helpless as you wait for communications to come back through the agents involved, hoping for some good news. ⠀
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Here are some quick tips I put together for how to make a multiple offer situation as comfortable and successful as possible for my buyers: ⠀
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1) Pick a real estate agent who is well organized and an exceptional communicator. (I’m here to be that agent for you!)⠀
2) Have your pre-approval letter or proof of funds in hand.⠀
3) Offer more than the asking price. ⠀
4) Keep your offer clean and simple. ⠀
5) Shorten the inspection period. ⠀
6) Have your escrow deposit ready. ⠀
7) Offer flexibility with your closing date. ⠀
8) Include a personal letter with a family photo. ⠀
9) Offer an additional escrow deposit after the inspection period. ⠀
10) Consider an escalation clause.⠀
11) Be diplomatic with negotiations after your contract is signed.
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