Even in a buyer's market, there are often multiple offers on a property. This can be a stressful and frustrating time for perspective buyers, and they should rely on their professional real estate agent to guide them through the process. The sellers evaluate the offers and decide which to accept. Here are some tips to put your offer above the competition.
Money talks - A cash offer is a serious contender with any property.
Pre-approved guarantee - Let the sellers know you are qualified by submitting your loan pre-approval letter from the lender. A pre-approval letter from the lender confirms your employment, source of your down payment, and other aspects of your financial circumstances. Although obtaining the approval is more involved than a pre-qualification letter, it carries more weight. A strictly cash offer is a serious contender with any property.
Don't underestimate the power of a down payment - Increase your down payment, it tells the seller you are a serious buyer. Obviously, the highest offer appeals the most to sellers. If the price is uncharacteristically low to encourage multiple offers, have your agent evaluate the comps in the area to decide on a reasonable offer.
Play nice - Find out what the sellers want and be flexible. Cater to their desired closing date or waive minimal repairs. Offer to pay closing costs and don't ask for personal items in the home.
No strings - Remove contingencies. The buyer with an offer that is not contingent upon sale of another property will more attractive to sellers.