Sellers – You can Encourage Multiple Offers on your home by doing these 3 things
- Make A Great 1st Impression. Don’t come on the market until you are ready! Buyers who are willing to bid in multiple offers are much more likely to have made an emotional connection – Love at first sight is key if you want your highest price!
- Have Your Home Inspected. Have your home inspected and make a copy of it available to all serious buyers. If there are multiple buyers interested in your home, often buyers will pay to pre-inspect your home, if you have already had it inspected, they can elect to use your inspection and still submit a competitive offer without having to pay for a pre-inspection to do it. This will increase the number of buyers willing to submit an offer, and ultimately your sale price.
- Have Your Home Move-in Ready. Buyers are willing to pay more for a house that is done so they don’t have to do work right when they move in.
Buyers – You can Win in a Multiple Offer by doing these 3 things
- Have your funding locked in. Whether you are paying cash, getting a loan, or doing something “creative” get it figured out before you submit the offer so everyone will feel comfortable that you will able to close on the home as soon as possible and when you commit to.
- Pay attention to the little things. Go to the open house and introduce yourself to the listing broker and say nice things about the house, write a “dear seller” letter from the heart, include things in your offer that will make the sales process easier for the seller. When the offers are similar these things can make the difference as to who wins and who doesn’t.
- Be educated and know how to minimize risk for everyone. Most sellers want the highest price with the least amount of risk. Get educated on what you can do to minimize risk for the seller without taking on unnecessary risk yourself. For example, review the preliminary title so you can waive that contingency, do your neighborhood review so you can skip that contingency, etc. Don’t just waive contingencies that are meant to protect you – do the work prior to making the offer so you protect yourself and make your offer as strong as possible!
Article Published in the Woodinville Weekly Real Estate Section. Since 2017 The Blue Team has written the bi-monthly Real Estate Column sharing their expertise in this community publications. Sharing their Tips for Home Buying, Tips for Home Selling, Tips for Investors, Buying & Selling Luxury Homes, Real Estate Transitions (Including Relocation & Senior Real Estate Tips), and Equestrian Real Estate.