You found a home your family absolutely loves. But you’re not the only one who feels that way and now you’re in a multiple-offer situation, competing against other home buyers for the same property. What’s the best way to make an offer on a home that other buyers are vying for as well? Here are some ways to put your best foot forward:
Start off with your best offer. This isn’t the time to start with a lowball offer and wait for the seller to make a counteroffer before you offer more. If you have competition, you’ll want to consider making your best offer right off the bat. That said, don’t let a multiple offer situation push you into offering more than you’re comfortable paying or can afford. Your real estate agent can help guide you in making a competitive offer.
Make sure you’re pre-approved. Have your financing in order so that the home seller knows you’re serious and have the financing lined up to purchase the property. Having your financing in place before you start looking for homes is critical.
Don’t skimp on earnest money. An adequate earnest money deposit is a sign that you’re serious about buying the home. Your real estate agent can help with this.
Don’t waive the home inspection. In multiple offer situations, it’s easy to get caught up in the competition and do whatever it takes to win. To stand out, some buyers will even elect to not make a professional home inspection a contingency of their offer. Don’t do it! Home inspections are an important part of the home buying process and can help you spot costly problems.
Relax. There are so many parts of a multiple offer situation you have no control over, so try not to let the stress get to you. If your offer is accepted, that’s great, but it’s not the end of the world if it isn’t.