Writing an Offer
When you’ve found the perfect home, the next crucial step is writing a strong offer. In a competitive market, making the right moves can be the difference between securing your dream home or losing out to another buyer. Here’s what you need to know to prepare and submit an offer that stands out.
Understanding Multiple Offers & How to Win
With interest rates predicted to continue dropping, multiple-offer situations are becoming more common. When a property receives more than one offer—even if it’s just two—it’s officially in a multiple-offer scenario. Here’s how to navigate this situation with confidence.
It’s Not a Bidding War
A common misconception is that multiple offers turn into an auction-style bidding war. While some platforms operate this way, it’s not the standard process. Instead, the seller typically sets a deadline for all offers to be submitted. Buyers present their best offer upfront, and the seller selects the one that best meets their needs. In some cases, they may negotiate minor details afterward.
To ensure transparency, the listing agent will generally email all participating agents, confirming the presence of other offers without disclosing specific details about them.
Strategies to Win in Multiple Offers
A winning offer isn’t just about offering the highest price. Sellers look at several factors, including certainty, conditions, and flexibility. Here are some key strategies to help you submit a compelling offer:
1. Put Your Best Offer Forward
In a multiple-offer situation, sellers assume all offers are final. Start with your strongest offer to avoid regret later.
2. Be Flexible with Possession Dates
A simple way to make your offer more attractive is to accommodate the seller’s preferred timeline. Leaving the possession date blank or offering a range of dates can make a big difference.
3. Write a Personal Letter
Adding a heartfelt letter about why you love the home and how you envision living in it can sometimes sway a seller’s decision, especially if offers are close.
4. Limit Conditions
Unconditional offers are often the most appealing but can be risky. Instead of waiving all conditions, consider including only one, such as financing or inspection, to stay competitive while minimizing risks.
5. Consider a Pre-Inspection
Bringing a knowledgeable friend or arranging a pre-inspection before submitting your offer can help you confidently remove the inspection condition.
6. No Financing Condition
Speak with your mortgage specialist before considering this option. If they confirm your financing with certainty, submitting an offer without a financing condition can make your offer highly attractive to sellers, as financing is often one of the biggest hurdles in closing a sale.
How Much Should You Offer?
The biggest question buyers face is how much to offer. The key is to determine your “no-regret” price—an amount that feels competitive without overpaying but also ensures you won’t regret losing out to another buyer. To help you make an informed decision, we’ll conduct a thorough market evaluation, comparing the home to similar properties in the area. With this knowledge, you can confidently submit a competitive offer.
Navigating multiple-offer situations can feel overwhelming, but with the right strategy and guidance, you can confidently submit an offer that stands out. Whether it’s flexibility, strategic pricing, or reducing conditions, having a well-planned approach increases your chances of success.
If you’re ready to start the home-buying process or have any questions about writing an offer, reach out today. With expert guidance and a winning strategy, you’ll be in the best position to secure the home you love.