Buyers competing against multiple offers need to put their best foot forward.

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Did you know that 55% of homes that were listed in August had multiple offers and 69% of all homes sold in August were on the market for less than a month? Multiple-offer scenarios are something that we’re seeing more and more of, so today I have three great tips to help you win as a buyer in a situation like this:

1. Get pre-approved. This is simple, but not everybody does it. When you’re talking to your lender, make sure you’re pre-approved, not pre-qualified. A pre-approval takes things further than a pre-qualification by actually submitting financial documents and having them analyzed. This will put you in a much stronger position to win. If you're a cash buyer, make sure you have your proof of funds.

2. Get the most critical information upfront. This includes information like how many offers there are and what’s most important to a seller other than price. You’ll also want to know the seller will handle the multiple-offer situation as well. It typically happens in one of two ways. They may request your highest and best offer by a certain date or time, or they may just simply choose the best offer right away. Knowing what they will do will help you devise your strategy.

“If you’re a cash buyer, make sure
you have your proof of funds.”

3. Make your best offer. Price wins out in most competitive scenarios, but not always. Going in with little to no contingencies makes your offer strong as well. You could eliminate your financing contingency or shorten your inspection contingency, for example. It’s also smart to give the seller flexible closing dates so they can choose the date that works best for them.

I hope these three tips are helpful. If you have any questions about competing against multiple offers or real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.