E037: How to make your offer stand out in a multiple offer situation

In this episode, we talk about what buyers can do to write a compelling offer that captures the seller’s attention in a multiple offer situation.  My top three tips are:

1) Show you are qualified, and are the best candidate, to purchase the home

2) Find out what's important to the seller and include it in your offer, and conversely, do not include the seller's non-negotiables in your offer

3) Write your best offer - you may not have the chance to counter your offer and you only have one chance to make a great first impression - write an offer that if your offer isn't accepted you aren't left wondering, "what if?"

Additionally, I talk about utilizing back-up offers in the event your offer isn't selected.  There are a variety of reasons a deal may fall apart.  If you have a back-up offer in place, rather than the home going back on the open market, it instead goes to the back-up offer in first position.  Since March I have written four back-up offers and 3 of 4 have gone into effect.

Lastly, if you want to try and avoid multiple offers at all cost (which is very difficult to do in our current market), I offer five strategies on how to avoid multiple offer situations:

1) See if you can access off-market listings

2) Consider For Sale By Owners (with the guidance of a seasoned real estate advisor)

3) If you desire to be in a specific neighborhood or building, consider writing a letter to current owners and see if they are considering selling.  You may be able to broker a deal without the property ever going on the market.

4) Be the star of your own HGTV show and utilize a renovation loan to purchase and renovate a property (Don't know what a renovation loan is?  No problem, check out episode 13 of this podcast!)

5) Look at listings that have languished on the market.  Sometimes the only thing wrong is the initially listed the sales price too high and how has to drop to a price that buyers feel comfortable paying.

I hope this episode provides helpful tips for anyone who is encountering multiple offer situations.  May you be successful in having your offer selected and purchasing your next home!

If you are in need of a real estate advisor in the Tampa Bay market, I would love to interview for the job!