How to Win a Multiple Offer Situation
The real estate market is hot right now, and the competition for homes is rising with little inventory to satisfy the demand. Homes are being sold with multiple offers on the table within days, and even hours, after listing. This may be ideal for sellers, but for buyers this could mean trouble if they don’t have a skillful real estate and lending team representing them to snatch the perfect home.
Make sure your borrower is in the strongest financial position possible; in today’s market, you’re going to need every card on the table. This means your client’s financing decision needs to be strategic. You need a lender who will match your client with financing that puts them in the best bargaining position possible. Get a pre-approval in hand so your client can shop with confidence.
Understand the Seller.
Find out what the seller’s experience has been like so far. If they have placed the house on the market several times only to have the deal fall through, your client can use this to their advantage by differentiating themselves from previous and current prospective buyers.
Stand Out with a Powerful Introduction Letter.
This will humanize your client and their situation to the seller. Let’s say your client can’t beat the best offer, but they can at least match it. That is when a humanizing touch can be enough to sway things in your favor. Help your clients craft a letter that tells their story; you want the seller to feel like your clients deserve the house.
Counsel your client on flexibility whenever possible. Be ready to yield to the seller’s desires, from the close date, to concessions, to who will pay for minor repairs. The more ideal and uncomplicated you make the offer, the easier it is to choose you over the next guy.
Have a Lender Who Won’t Let You Down.
Let’s say you do manage to get the offer accepted. Congratulations! But now is the most crucial part; delivering on those promises. If your lender fails to meet deadlines, doesn’t communicate proactively, or worse, didn’t really pre-qualify the client, your reputation could take a serious blow. Help your client choose a lender who makes you look good. Allow us to be that trusted partner!
If you have questions about how to get your client pre-approved with a lender you can trust, please feel free to reach out to PRM at your earliest convenience. We would love to work with you!
Categories: PRM Blog