I will assume that it is neither; which means that you are dealing with the Seller; human beings.
Because there are multiple offers, you may be asked to give your "Best and Final" offer:
You didn't say what the house is WORTH: you are assuming that their LISTING PRICE is founded on something. Since you did not say so, I am also assuming that you have not done a CMA to determine the true value of the house; it may be $95,000, it mat aslo be $65,000.
If the Appraisal says it is $65, you will have a hard time buying it at $75.
If the Appraisal says it is $95, and someone else knows that, then you will not get the house.
You will need to make a STRONG offer which includes more than just a good price. Talk to your Realtor about what else you need; and have him do the CMA before you make your next offer.
Good luck and ma yGod bless
Make the offer's contingency and dates attractive, but make sure you're still protected properly.
And I like the idea of submitting a handwritten note with the offer and financial documentation personalizing the purchase. Tell them why you like their home so much; what spoke to you. Good luck.
Multiple offers in the real estate sales are common in our market. Buyers will find themselves competing against other offers that may be higher or cash buyers. I counsel my buyers to offer the best value they can comfortably afford.
When buyers are asking for closing costs, the buyer can raise the sale price to cover the closing costs. Asking the seller to pay for closing costs is equivalent to offering a lower sales price because the net amount is less. Often buyers will need to offer above asking price to be able to compete with other offers. Make sure the home will appraise when increasing the price in negotiations .
Typically, an offer from a buyer that does not include costs to be paid by the seller such as inspections, home warranty, and other closing costs will look stronger to the seller. Also, a larger down payment will look favorable to a seller.
I suggest to my buyers for them to write a letter that shares a little about them and why they are excited about purchasing the home. An honest letter that shares what has drawn the buyer to this home will help their offer stand out. Most sellers want someone who will be buying their home to love the home as much as they have.
Prudential California Realty
Multiple offer situations are VERY common these days in the area and can be frustrating, no doubt! The seller is going to want the highest/best offer--which may turn out to be the highest monetary offer, or may turn out to be a lower cash offer w/ more desirable quick closing terms. I advise all of my clients to put their best foot forward and offer the highest amount they feel the home is worth to them with the most favorable terms to the seller as possible. If they lose out on the sale, they can always know they tried their best and (hopefully) won't feel too disheartened if the offer fails. A high downpayment, significant earnest money deposit and local reputable lender on-board with a solid pre-approval letter along with a letter from them explaining futher confidence in your purchase ablility won't hurt either. Hopefully whoever else is bidding on this property isn't reading your post here and using it to out bid you--good luck!