Princeton Capital Blog

How to Get Multiple Offers On Your Home

July 18th, 2013

mortgage loansHow to Get Multiple Offers On Your Home

Whether you’re buying or selling right now, chances are you’re involved with multiple offers. If you’re not getting offers, you may want to have a heart to heart with your real estate agent. They may have been trying to tell you something you didn’t want to hear, or perhaps they’re not the best agent for your situation.

If You’re The Seller

From Forbes on Yahoo Finance:

  • Spruce it up. Houses sell faster if people think they can move right in with minimal updating.
  • Build up excitement. Have a Coming Soon sign in front of your home. Let your friends and family know to spread the word.
  •  Use a seasoned agent.  Forbes best advice: not getting emotional when the three offers came in. One of the offers was for $435,000–$10,000 more than the offer the couple accepted—but it came with lots of contingencies, so instead of having to nervously wait on an appraisal, they took the sure thing.

From MSN.com

  1. Disclosures. Be smart from the start: order your own inspection before you even put your house on the market.
  2. Declining a good offer. If dreams of striking it rich tempt you to turn down a reasonable offer with good terms from a ready, willing, and able buyer produced by your agent, consider that you will almost certainly still owe the full agent’s commission.
  3. Earnest money. Buyer agents should know better, but if a bidder offers to make out his or her check for earnest money in your name, step very carefully. Better yet: consult a real estate attorney. If any complication turns up with your property, or if the sale falls through for any reason, the ownership of the earnest money may be in question.
  4. Maintain confidentiality. Some common real estate wisdom encourages sellers to let all prospective bidders know if you’re expecting other bids.
  5. Be honest about your interest level. It’s never to your advantage to deceive prospective buyers—or hard-working agents.
  6. Treat your agent as an ally. A buyer may want to contact you directly before making an offer. There’s nothing wrong with conversing with a prospective buyer, but don’t bargain behind your agent’s back.

If You’re the Buyer

So you’re one of many with an offer. How do you get yours noticed? From Realtor.com:

  1. Put down a big deposit.
  2. Reduce the number of contingencies, but don’t be foolish like waiving the home inspection.
  3. Pay cash. (Ok, probably not easy to do in our area, but if you can, it will make your offer stand out)
  4. Get preapproved, not just prequalified, for your mortgage and attach a copy of the preapproval letter to your offer.
  5. Include a personal note about why you want to buy the home.
  6. If your current home is in escrow, provide information about that transaction.

Contact a reputable mortgage loan officer and get preapproved before you go looking.

Are you currently trying to buy a new home while selling your old one?

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