There is often a back and forth of counter offers between the buyer and the seller in a multiple offer situation. Counter Offering can be stressful for buyers because each time they make a new offer, their agent will need to get another acceptance from the seller’s agent.
This means more time on the market for your home, which might reduce the price. The more times your home goes on the market, the greater likelihood that buyers will be able to find something they like better than your home.
As a buyer, it’s important not to become desperate in order to get your offer accepted. Port Aransas real estate has homes that are on or off the market constantly. If you’re considering selling your home, you’ll want to do everything within your power to get it sold. Here are some tips for keeping the upper hand when making counteroffers.
Tips & Tricks to get your offer accepted in a bidding war (without over-bidding)
Make a firm offer the first time around
When making your initial offer, make sure it’s at or close to market value. It also helps to have all of your documentation in order before making an offer.
When considering offers, days on the market are just as important as price for most sellers. In a multiple offer situation, the longer your home stays on the market, the greater likelihood that another buyer will offer more than you and get the home.
Start off with an all-cash offer
An all-cash offer is always best because it shows that you can close quickly and don’t need financing to close on the home. If you are requesting financing, this can be a sign to the seller that you might have trouble being approved for a loan.
Offers with financing contingency or time for financing are likely to be passed over because sellers want someone they know will close when agreed upon. Port Aransas has homes for sale that sell quickly, and a majority of them are all-cash offers.
Although many buyers can typically get financing from their local bank, it doesn’t hurt to emphasize that you can close quickly if their home doesn’t need any repairs.
Don’t offer more than your budget
If you’re trying to get into a rapidly appreciating market and can’t afford to buy at a higher price, you might be tempted to make an offer that is above your budget.
However, remember that if you don’t get this home and prices continue to increase, there’s a chance you still won’t be able to afford the home later on since your buying power will be reduced.
Remember, patience is a virtue
The more you try to rush or force the situation, the less likely you are to get your offer accepted. If it comes down to several offers with similar terms, some agents will go with their gut feel of who they want to work with and who is most likely to follow through and close on the home.
It’s okay to give it a little more time and see if another offer comes in that might help your case. It could also lead the seller to change their mind about which offer they prefer. Patience is key when you are making counteroffers in a multiple offer situation!
Anchor your offer with a strong pre-approval letter
If your agent didn’t ask for a pre-approval letter when you started looking at homes to buy, ask them to do so now if they haven’t. A pre-approval letter will allow your realtors in Port Aransas, Tx, to show that you are serious about purchasing a home and will reduce the stress of receiving another offer from the seller by demonstrating that you have the ability to finance this purchase.
Don’t bluff
Trying to persuade a seller that you are willing to walk away from the deal if your offer isn’t accepted can be beneficial, but bluffing and telling them something that isn’t true only hurts your case. The seller has an agent, too, and if they find out you were trying to pull one over on them, you could lose that upper hand you had.
Ask for a discount on the home warranty
If your offer is accepted, don’t be afraid to ask for a little something extra if the seller agrees to cover closing costs or other benefits. Buyers can easily negotiate with sellers to remove the home warranty from their contract because they want the buyer to accept the home. This is a small item that most sellers will remove without hesitation if they are close to an accepted contract.
Work with an experienced real estate agent
In order for your offer to have the best chance of being accepted and going through the process of buying a house, it’s essential to work with someone who can get you in touch with other agents. Also, explain how to make your offer stand out from the rest. Finally, make sure you ask any potential real estate agent how many deals they’re working on and what types of offers they’ve seen lately.
Conclusion
With the market on the upswing, multiple offers are becoming more common than ever. Taking your time, working with an experienced agent, and not rushing into anything is key to having your offer accepted. Once you’ve put in an offer that’s contingent upon financing approval, don’t go back to the seller with another more expensive one. It will only harm your chances of getting the home you want.
If you’re unsure about how to handle counter offers in a multiple offer situation, contact realtors in Port Aransas, Tx, for help. They will offer up as much information as possible about the home that might help sway the seller to accept your offer or ask them what else you can do to increase your chances of winning the bid!
