Friday, April 19, 2013

So what's a buyer's best strategy in a multiple offer situation?


The seller wants the path of least resistance – be sure your offer has as few strings as possible. Go in with your best offer, not just in dollars, but also terms and conditions.  Cash is always king, but if you don’t have cash, a full pre-approval, not just a pre-qualification letter, is the next best thing.  A full pre-approval takes advanced planning and will entail providing your lender with employment information, tax returns, pay stubs, proof of funds, etc.  Then all that’s left to be done is the appraisal of the home you have contracted.

Many a sale is lost over the possession date.  Have your agent do some homework for you.  Find out what the seller’s ideal title transfer and possession dates are.  Be as flexible as possible.  Try not to ask the seller for concessions, such as payment of your closing costs, if at all possible.  Chattels can be another non-starter.  Save that discussion for after the contract has been negotiated. 
 
Finally – remember that wise sellers are pricing their homes aggressively with the sole intention of selling quickly.  It is not uncommon for homes to sell for more than list price. 

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