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ParkerColora…, Other/Just Looking in Parker, CO

What are the best ways to make your offer stand out when there are multiple offers?

Asked by ParkerColorado, Parker, CO Thu Apr 10, 2014

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22
There are a couple options. If you are able to be APPROVED with your loan just needing an address to complete the transaction is best; this will also offer a quick closing if that is what is desired.... NO contingency. CASH is KING.

Have your inspection, title work and appraisal dates within 8-10 days of the contract date.

Hope this Helps!
Darrick
0 votes Thank Flag Link Thu Jul 24, 2014
Be first. Be big. Be bold.
"Free Pappa John's pizza with accepted offer" might work too!
0 votes Thank Flag Link Tue Jul 15, 2014
This is an excellent question.....and one that all buyers should consider regardless of whether or not it involves multiple offers. Buyers should understand that there are ways for them to enhance their offer without throwing additional money into the offering.

Consider the following:

1. Cash deal

2. minimize or eliminate contingencies

3. offer a larger than normal escrow deposit

4. propose a quick closing date

5. offer to pay for the buyer's home inspection

6. present an "AS IS" offer/no repairs

7. proof of funds or pre-approval letter to accompany your offer

8. present a personal letter to the seller explaining why their home is perfect for your family

Hope this information is helpful.

Bill

billeckler@michaelsaunders.com

941-408-5363
0 votes Thank Flag Link Tue Jul 15, 2014
Remove contingencies, quick closing and if getting a mortgage get pre approved, not just pre qualified
0 votes Thank Flag Link Tue Jul 15, 2014
* Large down payment

* Remove contingencies

* Flexibility with closing date
0 votes Thank Flag Link Tue Jul 15, 2014
Obviously offering more than the asking price helps. Additionally if your offer has no contingencies that helps as well. The more money you are putting down on the house would likewise help to convince the seller that you are a strong buyer and the deal would likely go thru.
0 votes Thank Flag Link Tue Jul 15, 2014
Please call me so I can show you how to do this. My Number is 7203846573 I look forward to talking to you.
0 votes Thank Flag Link Fri Jul 11, 2014
There are many ways to make your offer stand out.
1) No contingency on selling a home. In today's market it is tough to compete with a non-contingent offer.
2) Try a letter from the heart. How did you connect to the home? What are your future plans in that home? Point out what your favorite features are in the home, your favorites might be their favorites.
3) Fit the sellers timeline, have your Realtor call the list agent.

Hope that helps!

The Barrington Group
303-805-1200
And Oh By The Way… We Are Never Too Busy For Your Business
0 votes Thank Flag Link Mon May 19, 2014
Parker,

One of the best ways is to have your Buyer's agent contact the listing broker and ask him what it is that the seller needs to accomplish and what times and terms is he looking for. The listing broker should be glad to do this. It could help the seller in their decision and not have to filter through all of the offers to see which one has some of the things the seller needs in place other than price. I really helps when you have an experienced broker who know the other agent or has a reputation in the real estate community that would encourage the seller to speak to him and have confidence that the deal will get done. Good success on your offer.

http://www.RobertMcGuireHomes.com
0 votes Thank Flag Link Sat Apr 12, 2014
Have your Realtor find out what the Seller would like for move out date.

Work with that in the offer.

Offer HIGHER than asking price. Like say $251. Works almost EVERY SINGLE TIME>

Talk to your lender about this, but it should be fine.

Happy shopping! Lynne-
0 votes Thank Flag Link Fri Apr 11, 2014
Your Realtor should be able to put together a good plan of action as multiple offers are so prevalent in today's market-we have all come up with strategies to make our offers stand out.
I wrote a blog post about this particular topic last year, feel free to take a look and see what my strategies are!
http://www.trulia.com/blog/marina_jensen/2013/02/how_to_writ…


Marina Jensen
Top Realtor by 5280 Magazine
http://www.MarinaJensen.com
303 908-9117
0 votes Thank Flag Link Fri Apr 11, 2014
Try a heartfelt letter to the seller explaining why their home is the one that you really want.
0 votes Thank Flag Link Thu Apr 10, 2014
There are several strategies you can discuss with your Realtor to make your offer more appealing than the competition. The highest offer is not always the best offer!! All sellers have different motivations for selling their homes and therefore offers should be tailored on a case by case basis.
0 votes Thank Flag Link Thu Apr 10, 2014
Every situation is different, select an agent that is very "detailed" and knowledgeable. Good agents know which lenders are difficult and have a pattern of not closing loans on time. Present it all in a nice package, price isn't the only consideration. Ask the other side, "What are the seller's looking for?" What would make our offer more attractive? You might be surprised, well they need an extended closing, or who knows. Good Luck!
0 votes Thank Flag Link Thu Apr 10, 2014
Beyond working with an agent to make the strongest offer you are comfortable with, I always suggest to my Buyers that they write a letter to accompany their offer that explains who you are and why you really love the Seller's home.

Hope that helps!

Hilary
0 votes Thank Flag Link Thu Apr 10, 2014
A multiple offer situation has become a norm in most real estate markets nowadays. As a buyer in order to have your offer accepted. First and foremost you need to work with a Realtor who is a local expert in the market area you are trying to purchase a home. The realtor will have information on how quickly homes are selling and for how much higher. Every seller always wants the highest price for their house.The realtor will help determine the correct purchase price of the home by considering various factors and coming up with a Comparable Market Analysis report aka CMA . This will help a buyer not to overpay in order to get the home and see value in the property.
Secondly, having a strong downpayment or all cash offer is always helpful.The higher the downpayment always better and provide a copy of your bank statement that states the funds is availiable right away. Higher downpayment means you as a buyer need to borrow less from the lender which will have less road blocks when it comes to appraisal.
On the purchase contract there are contingencies which means conditions.
We have inspection contingency and loan contingency. Always discuss with your Realtor to find out the time needed for a home inspection. Like always less days is better. Communicate with the lender prior to making the offer to find out how many days might be required to close the loan. The less the number of days marked the better your offer is going to stand out in front of the seller. Make sure it's a reasonable time because if the seller or listing agent thinks it's unrealistic and might require an extension, that might not fly.
EMD aka Earnest Money Deposit is the money the buyer writes a check for which is usually handled by escrow. This money conveys the fact that the buyer is serious about the property. Usually EMD is 3% of the offer price but higher is always better differentiating your offer from the pack. This money is going towards you downpayment anyways so having a higher amount doesn't hurt.
Getting a preapproval letter from a lender preferably a Direct lender. Having your necessary proof of funds to purchase the home immediately as liquid assets and a strong EMD with few contingencies as possible will make your offer stand out.

Amit Singh
CalBRE # 01886685
650.521.3320
http://Www.amitsinghomes.com
0 votes Thank Flag Link Thu Apr 10, 2014
I would suggest an offer that is at minimum at asking price, if not higher, pending comps. Sellers will gravitate towards buyers that offer more money and has the financing and or cash ready for the sale. Personal touches can help as well.

Regards,
Chad Roberts
Broker/Salesperson
Realty One Group
0 votes Thank Flag Link Thu Apr 10, 2014
Less contingencies, great terms. if you can find out a little about the seller and their situation that may help you as well. If they have lived in the home for a really long time and are still dry attached they may want someone that will love them home like they do. You can play on the heart strings a little and have your buyer write a letter.

Chris
0 votes Thank Flag Link Thu Apr 10, 2014
Offer the most money, have solid financing in place, act quick.
0 votes Thank Flag Link Thu Apr 10, 2014
Parker,
If you are in a multiple bid situation you need to make some decisions right away. How badly will you feel if you miss out on this home? How much risk are you willing to take? If you lose out on this house because someone else bid $100 more than you, are you comfortable with that?
Based on your answers to these questions, you need to make your offer as strong as your commitment to this house. I've had buyers pre-inspect a home in order to waive the inspection contingency. This costs you the inspection fee without any guarantee, but it definitely looks good to a seller. I've had buyers waive their financing contingency, this is risky if you have any doubts at all, but it helps. I've had buyers waive the appraisal contingency, again this is risky and can only happen if you have the funds to make up any discrepancy between your offer price and the banks appraised value.
Finally, give in any areas that the seller wants that are good for them. I always have a conversation with the listing agent and ask, "Apart from price, what terms would your seller prefer; an early closing or a late one, keeping some appliances or leaving them, using specific vendors for Title & Escrow or open to using mine? Any area you can meet the seller's on that doesn't necessarily cost you money allow you to make your offer stand out, even if it's not the highest.
Best of luck, let us know how you fare.
0 votes Thank Flag Link Thu Apr 10, 2014
Oh, two more things. A strong pre-approval letter is an absolute must. Ask your lender to review all of your income and asset statements so that your final approval is based on Title and Appraisal only.
If you do write a letter, I'm careful to not cross any Fair Housing lines. Your family status, race, religion, ethnicity are areas that are potential issues if discussed. Many agents pay no attention to this, as the letter is from the client, but it goes through our hands and must comply with the law.
Flag Thu Apr 10, 2014
Write a nice letter/cover letter to make your client stand out. Family situation, great credit, loves the home, etc. Hope this helps, Allan
0 votes Thank Flag Link Thu Apr 10, 2014
Hi ParkerColorado,

In today's real estate market, every offer is a battle! You are going up against competing offers and everyone is trying to get the seller's attention. Here are some ideas we got from listing agents who accepted our customers' offers over competing offers:

1.) Write a letter to the seller from your heart about your desire to purchase the sellers home.

2.) Sellers want some level of confidence that the buyer they choose can actually make the purchase and the financing will not be an issue. Be sure that you are pre-approved and that your pre-approval letter is solid (and not just a pre-qualification).

3.) Strengthen the pre-approval letter with a call from the lender. Imagine you were the listing agent or seller trying to decide which offer was best. If you had five offers all accompanied with pre-approval letters but one lender called you and shared the level of confidence they had in their pre-approval, this may tip the scales in your favor.

4.) Have your lender attach a cover letter to your offer, with your letter from the heart and your pre-approval letter.

Please feel free to contact me with any questions you may have!
0 votes Thank Flag Link Thu Apr 10, 2014
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