21 Ways To Ensure Your Buyer Wins In A Multiple Offer Situation
If you're working with buyers, you're probably losing in some bidding wars. Here are 21 ways to help your clients win!
Always CC lender to offer email and having them give the listing agent a call once the offer is submitted
Have the buyers fully approved at the time of the offer, only contingent on the appraisal which will be ordered immediately
Tight timelines for all contingency dates in the contract
Communicate with the listing agent about the seller's ideal terms and conditions BEFORE writing the offer
Using ALT financing clause if they really want to go FHA but CAN go conventional
No financing contingency (tricky one and depends on situation and client)
Price (as high as possible while representing market value)
Escalation clause with a hefty number for the benefit of the seller over $2,000 (a call of the seller's hand and other highest offers - buyer still needs to sign off at the end before the contract is ratified)
Close quickly and/or offer a per diem for the closing date
Free-rent back with a quick settlement for the sellers to stay in the home after closing
Offer a contingency for the seller to find their home of choice for a healthy period of time
As-is sale with inspections
Bring home inspector to the showing before the offer and remove the inspection contingency
Big EMDs over 1% of the sales price
Paying sellers transfer taxes/fees
Removal of appraisal contingency or waive appraisal up to a certain value
Letter to the sellers from the buyers (there are fair housing pros and cons here!)
Prepare buyers that they are paying top dollar at the height of the market. The benefit is low-interest rates and getting to live in a house they love. They may very well not get that same value if they try to sell 5 years from now.
Beginning of the month closing (all of that month’s interest at the table) than if you close at the end of the month.
Offer to let the sellers leave “anything” in the house that they don’t want to move
Send a video intro to the listing agent articulating why the buyer is great, and why working with our team will be great, and how we will take work off their plate
Tina Beliveau is a Real Estate Coach, Consultant, Teacher, Speaker, Founder, and Realtor at The Beliveau Group of EXP Realty.