Home Buying in Pontiac>Question Details

Clementa K.…, Home Buyer in Pontiac, MI

i found my dream house! but there are multiple offers on the table. is there anything i can do 2 make my offer stand out??

Asked by Clementa K. Fields, Pontiac, MI Tue Nov 22, 2011

The house is listed @ 71900 I offered 75k

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People are SO gullible! Just because a real estate agent says there are multiple offers doesn't mean it's true. They often lie to get a higher price for the house. This is the biggest buyer's market in the history of real estate, if someone tells you they have multiple offers on a home that has been on the market for a year they are obviously lying to you. And even if there is another offer, don't play their games stay firm on your original offer and if it's not accepted move down the street to the next one!
0 votes Thank Flag Link Wed Feb 22, 2012
I would ask my agent to see if they can get any background on the sellers as to their wants and desires. You could move up to back your closing date, you could shorten your contingency periods (inspection and financing), add extra earnest money. One thing I suggest to my clients in this situation is to write a letter to the seller, telling them about yourself and family. Sometimes if they feel like they know you (the buyers) it can help. Good Luck.
0 votes Thank Flag Link Tue Nov 22, 2011
You did not say if this is a Shortsale or an REO;
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
0 votes Thank Flag Link Tue Nov 22, 2011
Good start, going above asking price; even a little. This might be necessary. Present your offer either with a recent mortgage pre-approval in the amount of $75,000 or, if you're planning on paying cash, with a statement of your bank saying that you have adequate funds for a sale of that level with typical closing costs.

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.
0 votes Thank Flag Link Tue Nov 22, 2011
Clementa,

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.

Thanks,
Carol Perdew
Prudential California Realty
(209) 239-7979
Carol@PerdewHomes.com
http://www.CentralValleyHomes.com
DRE 985176
0 votes Thank Flag Link Tue Nov 22, 2011
Hi Clementa,

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!
Web Reference: http://www.MyRealtorJay.com
0 votes Thank Flag Link Tue Nov 22, 2011
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