So after months of searching, you’ve finally found the home you’ve always wanted, with an ideal location and all the features you were looking for. Unfortunately, in a seller’s market, many other buyers might feel the same way, potentially resulting in several bids on the same property. While this may be disappointing and stressful, there are ways to buy a house even if other parties have submitted better bids.

What to Do When a House Has Multiple Offers

What the Seller Might Do

Your options in a multi-bid situation depend largely on how the sellers decide to handle it. They could simply decide to choose the offer with the most favorable terms without even inviting the other buyers to submit additional bids. Or they could turn the multi-bid situation to their advantage, telling all of the buyers about the leading offer in the hopes you might try to top it. In this case, you may be able to convince the sellers to choose your offer, even if your budget doesn’t have room for a significantly higher bed.

Making Your Offer More Attractive

The best offer isn’t necessarily the one with the highest price. In fact, your sellers may be more focused on convenience or the security of knowing that a deal will definitely go through. Removing contingencies and other conditions may make it more attractive than one with a higher selling price, although it could put you in a difficult situation if you have to sell the property before you can buy a house.

Arranging to finance in advance can also remove a seller’s doubts since they won’t have to worry about the sale collapsing due to mortgage issues. Even if you don’t get this home, getting pre-approved for a mortgage will make it easier to buy a house when you find another property you love.

If you’re planning to buy a house anywhere in the central Adirondack region of New York, trust the agents at Herron Realty in Old Forge. With their in-depth knowledge of the area and decades of experience, they’ll help find the perfect property and guide you through every step of the process. Visit their website to start browsing properties for sale, or call (315) 369-6910 to discuss your dream home.