Winning “Multiple Offer Situations”

Currently we still have many parts of Austin experiencing multiple offers on homes. One of the things my buyers are most surprised about is seeing homes with over 10 offers on them even in the suburbs! I’ve had to let them know that currently we are still experiencing multiple offer situations throughout the Austin area. So, we have to be open to the idea of “what can we do to make our offer standout”.

Get The Sellers Attention

The following tips are ideas on what you as “the buyer” can do to get the sellers attention. Letting them know you are ready to move forward with the purchase of their home. Not every buyer of mine feels comfortable using these tips and you don’t have to use them by any means. I do want to share with you some of the options that are available. In the end, you can be re-assured you gave it your all versus being left with that ugly thought of “is there something else I could of done”…. And it is especially hurtful when you have pretty much found the home you have been dreaming about

Tip List

We are in Mulitple Offer Times in Austin, TX. These Tips will not guarantee you will win your dream home, but they can certainly improve your chance.

  1. No Regrets Offer
    If you believe you have found your dream home and you absolutely love it, one idea is to offer the most amount of money. But, if you happen to find out the next day you lost out over $1 you would not regret your decision. Your final “No Regret Offer” should be a price you will not regret if you get it or not.
  2. Submit Offer with Pre-qualified Letter
    This is such an important part of an offer especially in times where multi-offers are the norm. I can’t stress enough the importance of getting pre-qualified before starting your home search. Shop around for loan officers, such your bank or credit union. Pick the one that fits with what you are looking for in a mortgage loan. Don’t forget to ask them for a pre-qual letter. Email a copy of it to your Realtor and start searching for your dream home.
  3. Something Important to Seller
    Speak to your Realtor before submitting an offer and ask the following question, “If there is anything the seller would like prior to them moving to make their move easier.”
  4. Submit a Cover Letter & Video
    Along with your offer submit a cover letter and a video. This will give you the opportunity to tell the seller a bit about yourself. Additionally, you can share with them specific features of their home which you fell in love with. At the same time this is your opportunity to compliment them (with specific details) on their home. This will allow for a more personal existence and you will no longer be just one of the
  5. No Appraisal Contingency
    In the Austin and surrounding areas we have been seeing offers above what we expect the home will appraise for. Sellers don’t look forward to those types of situations. If the home does not appraise for the sales price they usually think you will want to terminate the contract or renegotiate. Some of my colleagues have experienced some buyers include in their offer the following:

    1. “We will pay the difference (with a limit of course) between the sales price and appraised value in cash.
      This addition to your offer will definitely make it more enticing for the seller. Stepping your offer up the list of best offers.
      I would not be surprised if yours would be the one accepted after they read this “No Appraisal Contingency clause”.