Today we are seeing that supply is not meeting demand in the marketplace. In other words, there are not enough houses for sale and too many buyers! Therefore, we are seeing a lot of homes that are getting multiple offers. Here is how to get into the home of your dreams when facing a multiple offer situation! 

 

Pre-Offer

 

1. Get Pre-Approved, Not Qualified, Approved!

Pre-qualified and pre-approved are two different things. As homes get listed in the British Colombia they sell very quickly. To get approved after seeing your perfect home, may be too late. So before starting your home search, find out what you are approved for and work within your budget. This also is a very desirable factor when starting negotiations! If you’re competing against someone who is pre-qualified and you’re pre-approved, the seller is more likely to go with your offer because they can be more confident that the sale will compete with other offers. 

 

2. Enlist the Help of Your Expert Real Estate Team

Working with an expert Real Estate Team (yes team, not agent) is the best way to go! A team has more than one agent always looking for your perfect home. If one agent is tied up, someone else on their team will be available for you. Your expert Real Estate Team has ample hands to help with your process the whole way, and as quickly as possible.

 

3. Be Available to View Properties and React Quickly!

Just as quick as properties are being listed, they are selling with multiple offers. So be available to see listings as they show up and potentially make an offer later that day or week! And remember, your Expert Real Estate Team is here to make the process as quick and efficient as possible, so you get your dream house. As scary as it may be to move quickly, they have your back and will make it happen in your best interest.

 

 

When Making the Offer

 

1. Have Fewer Contingencies

When you are in a situation with multiple offers, strive to have the least contingencies possible, while still protecting yourself. This will help make your offer the most desirable in the bunch. Those with many contingencies typically offer a “risk” to the seller. So, they are less likely to accept such risk when there was someone with less risk. Often, a seller will accept an offer with fewer contingencies over one with a higher dollar value but more contingencies.

 

2. Work with the Sellers

Take the time to understand what the sellers’ plans are with moving. If you can adapt to their needs as closely or as much as possible, the chances of your offer being accepted are much greater. Allowing the seller to select a closing date can be a strong note to make in your offer to make it more valuable to them.

 

3. Make a Large Deposit

A buyer must provide an acceptable purchase deposit. The larger the value, the more serious and interested in the purchase of the home you will convey, leaning the offer in your favour. Make sure you make a deposit that is generous but that you are comfortable with!

 

4. Make a Strong Offer

DO NOT LOWBALL, in a multiple offer situation. You will be very quickly shot out of the deal! You want to put your best foot forward in a multiple offer situation to give yourself the best shot at winning the deal. Make a reasonable offer and be flexible with contingencies. If you need more clarity on strong offers and what flexible contingencies you may need to have, ask your Expert Real Estate Team.

 

5. ASK!

There is no obligation of a seller agent to disclose what offers are on the table, but you can ask questions such as “What has the seller turned down?”, “What might make the offer more desirable?” Etc. You may or may not get an answer, but it does not hurt to ask!

 

We understand how scary and threatening multiple offer deals are and feel. But do not fret, having the right help and support through the process with some strong leadership will be a huge help and relief to you. Keep in mind that you will likely not get every house you put an offer in on, but keep your chin up and keep trying your time will come!