Real Estate by Debbie Reynolds: 21 Ways to Win in Multiple Offer Situations

21 Ways to Win in Multiple Offer Situations

How to Poise Your Offer in a Multiple Offer Situation to Win
 

So many markets across the country have limited inventory resulting in multiple offers. This puts stress on agents and buyers and leaves sellers with big smiles on their faces. With so many buyers rallying for the same homes, many buyers are left disappointed. Clarksville, TN's market has become very limited creating these multiple offer situations.

Markets are different and some are fueled by loan limits and appraisal contingencies. Agents through ActiveRain contributed ideas to come out on the winning side and these suggestions have a lot of merit. These posts were posted through a contest on how to compete in a Hot Market. I have added a few of my own.

Taking another look at these strategies will bring to mind some forgotten approaches, new twists and combinations that could give you the winning edge. 

 

1. Buyers need to be informed by their agents when a market is hot. Taking quick action with a strong bid could get the offer into the winners gate.

2. An experienced agent knows how to move fast and look out for your interest. It is wise to listen to the advice of experience and use the honed negotiation skills of the agent.

3. Agents that are respected by their peers can have an advantage because they have developed relationships and recognized as professionals. That advantage can work in your best interest. If there are competing similar offers, it may be decided by who the listing agent trusts the most.

 

4. Look now not later. Waiting will cause you to lose out. Find some time on your lunch hour or if couples have to make the decision, go at different times.

 

5. Get with a lender to have your finances ready to go. A strong pre-approval letter from a quality lender is powerful.

 

6. Cash still is respected especially when a seller needs to move fast. In most cases it will beat the same offer that requires financing.

7. Make an immediate decision when you see it. Other will if you don't.

 

8. Have your agent talk to the seller's agent before the offer is written to see what the hot buttons might be. If you can oblige in your offer, that might be the magic formula. Give the seller what they need.

9. Most of the time you will only get one shot. Make it a good one and consider offering over list price. If you really want it, that may be what it takes to beat out other offers.

10. Keep the offer clean with as few contingencies as possible. A home inspection can be done and you can reserve your contingency for the serious issues only or make it for informational purposes. This has risks so talk with your agent to make sure you are doing the right thing. 

11. Appraisals and loan contingencies means there is an out for the buyer. Consider making your offer contingency-free to sway the seller that you mean business.

12. Do it right the first time. Complete all forms, contracts and addenda needed to make the offer complete.

13. If the property is in an HOA neighborhood, do your homework beforehand and get your questions answered so no delays or contingencies result that could keep your offer from being accepted.

14. In some cases a letter from the buyers stating how much they like the home can impress the seller. There have been cases where a seller took less money because they like the buyers and wanted them to have their home. 

15. A photo from the buyer or a drawing from the buyers' children can break down barriers and real interest and love for the home.

16. Don't just text or email but call the agent to notify that an offer is on the way. You don't need you offer sitting in the Email In-box with a hundred other emails. You need your offer presented now. Time is of the Essence.

17. Have the buyer's agent present the offer and humanize the buyer to the seller. Many cases the seller is still emotionally connected and you can use these emotions in your favor with a buyer that loves the home or a feature.

 

18. Escalation clauses increase your offer as other offers come in that would likely beat your offer. This is a bit complicated so you need an agent that understand this principle to strategize with you.

19. Make a bold statement with your earnest money. A big check can make a seller stand up and take notice. It shows commitment  and financial strength.

20. Quick response times can win the offer if the seller is willing to commit. Urgency shows great interest and strength and can impress a seller that the home will be closed quickly too.

21. Don't make it complicated. Keep it simple. Sellers don't like tricky offers that can trip them up.

Experience matters when it comes to choosing an agent.  You can read all the strategies and advice given in the Hot Market Contest here.        

 

 Centruy 21 Platinum Properties2130 Wilma Rudolph Blvd.

Clarksville, TN 37040

When you need Real Estate services in Clarksville TN

                  it would be my pleasure to assist you!                             

Debbie Reynolds
"The Real Debbie Reynolds"

Check out all Clarksville TN Real Estate on My Website

                   
                   
931-771-9070 Office | 931-320-6730 Cell

Clarksville TN Homes 

                 

 Google Plus       Follow me on YouTube       

  

Comment balloon 26 commentsDebbie Reynolds • February 04 2018 03:48AM

Comments

great advice Debbie Reynolds  had the same situation myself  this week with one 0f my listings  so many offers .   Escalation clauses is one thing I do not work with as it can get out of hand if you have  six offers all with escalation clauses .

Your  post has been Featured

bananantude

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 4 months ago

Thanks Hannah Williams for the feature in Bananatudes. I have gotten lots of experience in the last coupel of weeks writing competing offers and most were full price or more and still lost.

Posted by Debbie Reynolds, Your Dedicated Clarksville TN Real Estate Agent (Platinum Properties) 4 months ago

Hi Debbie just had a listing where I had 8 agreements  all well over full price  and I mean over .   As the listing agent I feel bad making the calls informing the agents they did not receive the property as I know they work hard for their client Last hour I received the best possible price and term for my seller .    I felt really bad as I worked hard with another agent  and thought her deal was the one  but another deal came in  The seller could not refuse . Making the calls to the other agents is hard but they deserve that respect ..

Great post 

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 4 months ago

Debbie,  The lack of inventory creating a hot seller market seems to be impacting many areas across the nation.  You have added some great additional advice in this post. 

Posted by Kathleen Daniels, San Jose Homes for Sale-Probate & Trust Specialist (KD Realty - 408.972.1822) 4 months ago

I wish I knew more about Escalation clauses as I have no experience with that. Over all, this is bookmarked for further reading.

Posted by Eva B. Liland with Century 21 Doug Anderson, Glad to be of Service (Century 21 Doug Anderson) 4 months ago

Hannah Williams, the formailty of a phone call is going by the wayside and I know that even though those agents didn't win, you won their respect.

Posted by Debbie Reynolds, Your Dedicated Clarksville TN Real Estate Agent (Platinum Properties) 4 months ago

Good evening Debbie Reynolds ,

Wow! What great advice..I see a gold star on the horizon! You offer some great additional advice in this post than the standard fare. 

Posted by Dorie Dillard, Serving Buyers & Sellers in NW Austin Real Estate (Coldwell Banker United Realtors® ~ 512.346.1799) 4 months ago

Hi Eva B. Liland with Century 21 Doug Anderson the escalation clauses are tricky and I don't particularly like them but some of my buyers do. Good luckn to you.

Posted by Debbie Reynolds, Your Dedicated Clarksville TN Real Estate Agent (Platinum Properties) 4 months ago

Hi Kathleen Daniels, It is getting really hard here as it has in other parts of the country. I listed one yesterday and have 5 showings set. I hope to have an offer by Monday.

Posted by Debbie Reynolds, Your Dedicated Clarksville TN Real Estate Agent (Platinum Properties) 4 months ago

Hi Dorie Dillard, we are all experiencing these challenges and want our buyers to be the ones. One seller didn't want to take a financing contingency on a full price offer and lettthe offer die. Sellers are in the driver's seat.

Posted by Debbie Reynolds, Your Dedicated Clarksville TN Real Estate Agent (Platinum Properties) 4 months ago

Great compilation, Debbie!  

Posted by Carol Williams, "Customized Mentoring & Marketing Services" (U.S.: I specialize in helping agents who have been in the business 2 years or less create a thriving business.) 4 months ago

this is a great comp;lilation - I am sharing with my buyer pipeline - thanks for making us look good 

Posted by Lise Howe, Assoc. Broker and Attorney Licensed in DC, MD, VA, (Keller Williams Capital Properties) 4 months ago

Debbie Reynolds great points one and all.  You can win in a multiple offer situation, you just have to know what to do!

Posted by Lisa Von Domek, ....Experience Isn't Expensive.... It's Priceless! (Lisa Von Domek Team) 4 months ago

This is a masterpiece Debbie Reynolds. I really appreciate all the experiece you put into this  

Posted by Paul S. Henderson, REALTOR®,CRS,, Tacoma Washington Agent/Broker & Market Authority! (RE/MAX Professionals.) 4 months ago

This is a timely post. There are multiple offer situations. Thanks for sharing 

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) 4 months ago

Good Morning Debbie. This could be a primer for how to get the home you want. Well done.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) 4 months ago

Not sure we have used all 21...but we have won them all...I think I feel a bookmark coming on !

Posted by Sally K. & David L. Hanson, WI Realtors - Luxury - Divorce (Keller Williams 414-525-0563) 4 months ago

Debbie, great post, and had multiple offers yesterday and now reviewing to see which offer wins the bid.   Great tips for buyers!  

Posted by Joan Cox, Denver Real Estate - Selling One Home at a Time (Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373) 4 months ago

Debbie, this post will go in my ready to use notebook.

Great advice.

Posted by John Wiley, Lee County, FL Real Estate GRI, SRES,GREEN,PSA (Right Move Real Estate Group- EXP Realty) 4 months ago

This is great information to share. I will schedule a reblog for April 8th.

Posted by Roy Kelley, Roy and Dolores Kelley Photographs (Realty Group Referrals) 4 months ago

Make an immediate decision--that is the difficult advice to give to buyers.  Many of them are first timers and they really need some time to think, discuss, study comps, etc.  However I understand in this market they don't usually have much time to mull over the decision!

Posted by Mary Hutchison, SRES, ABR, Specializing in Brookside, Waldo, Prairie Village (Better Homes and Gardens Real Estate-Kansas City Homes) 4 months ago

Great tips Debbie! The market in my area is definitely picking up and there is a great deal of competition for the best properties.  Thanks for sharing.  

Posted by LaShonda Solomon, Serving Cobb, Paulding, Douglas, Bartow Counties (Atlanta Communities Real Estate Brokerage) 4 months ago

These are great tips Debbie Reynolds, in my area, it's almost always expected when the home is priced under $250.000. 

Posted by Beth Atalay, Cam Realty of Clermont FL (Cam Realty and Property Management) 4 months ago

Dear Debbie,

Good list. Always be as fair & square as possible, unless you are one of those lucky people with cash & a great imagination.

Posted by Dörte Engel, ABC - Annapolis, Bowie, Crofton & rest of Maryland (RE/MAX Leading Edge) 4 months ago

Hi Debbie

So glad to see this reblogged by Gabe - can''t believe I missed it, and there is some terrific information. Seems like every listing or purchase I am involved with is multiple offers, and knowing how to best position your buyer's offer these days is critical for success.

Offers that are competitive (do not assume you will get a second chance), complete, and without a lot of demands can make a big difference. And if you do not have a relationship with the listing agent, establishing one early on can help!

Jeff

Posted by Jeff Dowler, CRS, The Southern California Relocation Dude - Carlsbad (Solutions Real Estate ) 4 months ago

Hey Debbie!  This is such a powerfullist for any buyer/seller to review.   Knowing and managing client expectations is critical in hot markets like we're having now. Great post!  I especially like #8 - just did that yesterday:)

Posted by Jan Green, HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN (Value Added Service, 602-620-2699) 4 months ago

Participate