How to Compete in a Multiple Offer Situation in Our Current Real Estate Market!

8 years ago

When 2015 ended, the number of homes left on the market was low! Dependng on the article you read, there were 2.1 to 3 months 2) were of homes left for sale. What does this mean? In a Healthy Market, there are 5-6 months worth of homes for sale... Having 2-3 months of home for sale, make the MN Real Estate Market a Seller's Market.

If you are a Buyer in the market right now, chances are you will most likely end up in a multiple offer scenario when you decide to write an offer on the home you want to purchase. How do you compete??? What can you do to increase the strength of your offer? How do you compete with Investors who are also trying to steal the deal for CASH?

Forbes.com writes an great article detailing 7 points that can strengthen your offer in our current Seller's Market! Try these things when in a multiple offer scenario to increase the odds of the seller choosing your offer!

1) Put in a Strong (realistic) Offer

2) Don't Skimp on Earnest Money

3) Get a Pre-Approval Letter... or BETTER, a Letter that states you have already been through underwriting

4) Personalize your offer

5) Waive the Financing Contingency (know your risk)

6) Remove the Inspection Contingency (or shorten the length) (know your risk)

7) Be Flexible with the Posession Date

Read the Full Article here for more details on each bullet point!

Let me know how I can help you!