What to Do When There Are Multiple Offers Placed On the House You Want

What happens when you're ready to make an offer only to find some other buyer is ready too? Should you let it go and look for another place? There's still hope for you to get it! Here are some tips.

Don't Give up On Your Dream Home

We've already told you about some of the reasons why offers can get rejected, maybe your offer was really low, there were too many contingencies, or there was a better option for the seller.  Perhaps your proposal hasn't been rejected, but it hasn't been accepted either. Why is that? This can happen if there are multiple offers placed in the same house, the seller might need some time to evaluate their options. Luckily, there are some strategies you can try to convince the seller to go for your bid. Schutt Law-Title Insurance Agency brings you some of them.

Get Your Pre-Approval Letter

If you've already been to a mortgage lender and you're now pre-qualified for a loan, that's great! But pre-qualification just gives you an idea of how much you can borrow, pre-approval, on the other hand, gives you a much more precise amount. A pre-approval letter basically lets the seller know you have (or will have) the means to back up your offer. By being pre-approved for a loan, your chances of swaying the seller your way are higher.  Mind you, mortgage lenders also ask for plenty of requirements in exchange for a loan. You'll be asked for a home appraisal and title insurance to protect their interests in your home,  Call Schutt Law a   (239) 540-7007 to begin your title insurance process in Fort Myers. That's one thing you can easily cross out of your mortgage requirements' list.

Offer More Earnest Money

There's always a risk that one of the parties involved in the buying/selling process will back out of the deal. A seller might accept an offer only to have the buyer change their mind at the last minute. The seller might be left with no more interested buyers. If you mean serious business, you should consider increasing your earnest money. The earnest money is usually 1-2% of the total purchase prices. The seller receives this money once they accept an offer. If you choose to give more than that percentage, you will prove you're a serious buyer. The funds will later be applied to your down payment and closing costs. Meanwhile, it will help the seller with their expenses involved in selling their home.

Reduce Your List of Contingencies

No one wants to deal with a buyer who has many demands, even if they do offer the most money. You can have the lowest offer and still get the house if you keep your list of contingencies short. You can choose to forgo a home inspection and accept the house as it is, although that's not really recommended. The seller won't have to deal with any repairs and renovations because they will all be on you. Learn about the most commonly accepted contingencies so you can draft a better offer.

Make a Personal Connection

Sometimes all a seller needs is to know that their home will be in good, loving hands. An emotional connection can be a very powerful tool. Write the seller a personal letter expressing your interest, your plans, and the reasons why you love their home. A personal connection might just be the reason why you get the house.

Be the Perfect Buyer

Present the best possible offer since day one; be the perfect home buyer. If you're flexible and accommodating to the seller's needs such as a longer or shorted closing period and lowering your requirements, you might become the best option. Ask your agent to find out exactly what the seller wants and try to provide it.

Pay in Cash

Cash usually is king. Many sellers prefer an offer that's presented in cash, even if it's lower than others. Cash means not having to deal with multiple inspections or having to wait for the buyer's loan to go through. If you're able to make your offer in cash, do it. Here are some of the benefits of buying in cash. Other than raising your chances of getting the house, you can also receive discounts in other areas.

Don't Think About Other Offers and Get Title Insurance in Fort Myers

Stop worrying about other offers. You can't change them anyway. Just try to relax and wait for the seller's decision. When your offer does get accepted, don't take too long before you call Schutt Law at  (239) 540-700 and request your title insurance policy. ; ;