Multiple offer situations - how to win! - Karin Carr, Realtor

Karin Carr

GRI, CDPE, NRBA, CREO, DRE #01704520

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Multiple offer situations - how to win!

How to win in a multiple offer situation

If you've been out looking for a home you may have already encountered this - you find a great house, decide you want to present an offer, and when your agent calls to check the status you find out there are already six offers on it. The offers are coming in $10,000 over the asking price or more. What can you do to position yourself to be the clear winner in this situation?

Go home shopping on a weekday. Most buyers go househunting on the weekend, so they write up offers which all get submitted to the seller on Monday or Tuesday. As a listing agent I'll end up with 3-8 offers on a hot property so you can avoid being one of them by submitting your offer first!

Have your lender move your loan all the way up to the point where all he/she has to do is drop in the property address. If you're up against a comparable offer and they have stronger financing than you, they'll get the house.

Don't run out to see homes that have just come on the market if they're priced really well. Multiple offers are practically guaranteed UNLESS you present your offer the SAME day it comes on the market. You're better off looking at homes that have been on the market over 90 days and homes that had sales pending and fell out of escrow. There's much less competition on older listings. Banks are more motivated to move these properties and will be more flexible on price too!

Use a REALTOR who specializes in foreclosures and can draft your offer in such a way that the bank would be foolish not to accept it. I'm a Certified REO Specialist and I'm the only one in Solano County.