Buyers Agent Mt Pleasant SC: Winning A Multiple Offer Situation Pt 2
Today I continue from my post yesterday about multiple offer situations. Simply having the highest offer doesn’t guarantee you will win a multiple offer situation. Sometimes, the best contract for the seller is having the best terms. Here are some additional things to consider to make your offer stronger.
3) Contingencies: does your initial offer contain any contingencies? This can be tough, but seriously consider whether or not you need the contingencies. Something as generic as “buyer’s complete satisfaction with the home inspection” is pretty redundant, since this is covered in a standard South Carolina real estate contract. Therefore, it is just unnecessary verbiage that will muck up an otherwise clean contract…so lose this type of contingency from your offer to make it stronger.
However, if you have a contingency to sell a home before purchasing a new one, this can be complicated. Be sure to discuss this with both your lender and your buyers agent. It is possible that you can’t get the new mortgage while still paying the old one. Your loan officer could possible have some creative solutions that will allow you to carry two mortgages at the same time, at least for a short period of time.
It is also important to discuss this with your agent–you will want to thoroughly analyze the current market conditions to make sure you have your current home priced correctly. In fact, lowering the price below market will not only help you sell faster, but it can often lead to multiple offers and the price being driven up–so it is a win win: a quick sale for top dollar.
You might even consider dropping the price and taking the chance that you may not net as much out of the sale as you could have–this would be a sacrifice, but if the new home is the “perfect” house, then the sacrifice may be worth it. Of course, that is your call to make, but if this is the situation you are in, you should at least discuss this with your lender and agent to explore what options exist so you can make and educated decision as to what the best decision is for you.
4) Closing Costs, Home Warranty, etc: Are you asking the seller to pay a portion or all of your closing costs? If you can pay your own costs, then you may want to consider doing so. This increases the seller’s bottom line, and therefore, is a very attractive component of an offer.
It is also possible that one or more of the other offers are not asking for closing costs. If you are the only one asking, then your offer stands out from the rest for the wrong reason. Again, your agent can ask the list agent if any of the other offers are asking for a portion or all closing costs paid, but whether or not they get a straight answer can vary.
Stay tuned, in tomorrows post I will wrap up this series with some additional things to consider to make your offer the best it can be when you find yourself in a multiple offer situation. If you are looking for a buyers agent Mt Pleasant SC, bee sure to visit my website.
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