Hunting for a home is an exciting process, from hiring a real estate agent to touring listings. However, once you find your dream home, it can be stressful to make an offer only to find that you’re in competition with other potential buyers. Below is a comprehensive guide that can help you take the necessary steps to ensure your offer stands out among the rest.
How a Seller Deals With Multiple Offers
When multiple offers are put on a home, this is known as a bidding war. The home seller can deal with this scenario in several ways. One is to inform the buyers of the multiple bids and ask them to respond with their highest offer and best terms.
In contrast, the seller could also just choose from the initial bids; this might occur when the majority of the bids are not attractive. If none of the offers appeal to the seller, they can reject all bids and keep their home on the market.
What You Can Do to Make Your Offer More Attractive
Getting mortgage preapproval from a lender is one of the best ways to improve your offer. This shows home sellers that you are a serious buyer and that you won’t be denied for a loan. Other tips include submitting a large deposit, offering to pay the closing costs, and selling your existing home before buying a home to prevent your property from being a contingency that would force you to withdraw from the sale.
Having a seasoned real estate agent in your corner can improve your chances of making the best offer on a home for sale. If you’re seeking a real estate agent that works in Red Wing, MN, turn to the team at Lawrence Realty. Since 1948, this premier firm has been dedicated to helping home buyers and sellers navigate the ins and outs of the real estate process. Give them a call today at (651) 388-4745 to schedule a consultation with a real estate agent. You can also visit them online to browse their real estate listings.