Buying in a hot market? There are ways you can increase the chances of your offer being accepted in multiple offer scenarios.
- Be faster
- Sign up for alerts to get emails or push notifications when new listings match your search criteria.
- Don’t wait for an open house. Visit properties as soon as possible.
- Have your financial documentation and loan pre-approval ready to go.
- If the seller is accepting them, consider submitting a pre-emptive (early) offer on the properties you like before others see them.
- Make your offer stand out
- Consider writing an offer letter. It may feel strange baring your soul, but it can be effective.
- Offer to pay for some of the seller’s closing costs.
- If you are financially comfortable, make an all-cash offer. They tend to be more attractive to sellers than a mortgage, which takes time and must be approved by a lender.
- Agreeing to shorting closing timelines and removing contingencies help sweeten an offer, but be aware that doing so comes with its own pitfalls.
- Start with your best and final price, and make that clear in the offer.
- Think outside the box
- Find a home that’s distressed, and fix it up yourself.
- Keep an eye out for homes that have been sitting on the market for a while (these sellers are usually more open to negotiating on price).
- Look at land, new construction & alternative property types.
- Broaden your search. Determine what criteria is critical and try to be flexible on the rest.