Anyone who has been reading the news is likely aware of the housing shortage we’re facing not only here in Northeast Ohio but across the country, as well. This can create a lot of frustration for buyers who continually encounter multiple offer situations in the market.
That said, there are ways to effectively compete against other homebuyers. Today I’d like to highlight five key tips you can use to increase your chances of winning in a multiple offer situation.
1. Know the market. Being knowledgeable about current trends will help you discern whether a home is priced fairly and make an offer accordingly. Price is one of the most vital aspects of an offer in the seller’s eyes.
2. Inspect the home on your terms. Remember, the inspection period is your time to have the property fully examined, so you may want to reconsider asking the seller to shoulder the cost of inspections you would like to have done.
3. Use an escalation clause. This is a strategy my team has been using for years, and it has helped numerous buyers secure a home. An escalation clause allows us to place a cap on the amount you want to pay for a home while also making sure that you aren’t overpaying.
4. Don’t set an extended close date. It usually benefits the seller to close as soon as possible, so be careful doing anything that will delay this process.
5. Get a pre-approval letter from a reputable lender. This will help you stand out from competing buyers.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.