When you’re ready to buy a house, you’ll look for features such as size, floor plan, storage, and location as you browse the market. Once you find a property that meets your needs, you might feel anxious about competing with other potential buyers. Use the following guide to navigate a multiple-offer situation to land your dream home.
3 Ways Home Buyers Can Handle Multiple Offers
1. Submit a Pre-Approval Letter
Demonstrate that you are a strong buyer by submitting a pre-approval letter from your lender to the seller. This document will contain information about how much mortgage you qualify to borrow and for what length of time, proving that you will have access to funds that cover the cost of the home.
2. Negotiate Strategically
In a buyer’s market, you might be able to save money by negotiating a price beneath the listing amount. However, too low of an offer could easily result in another buyer beating your offer.
In a seller’s market, there may be several buyers willing to pay full price for the home. In this situation, consider making an offer slightly above the listing price. If they’re able to, ask your broker to disclose other offers so you know what you’re competing against.
3. Offer an Earnest Money Deposit
An earnest money deposit is a sum of money given to a seller upfront. Earnest money often makes sellers more inclined to accept your offer. This functions as a down payment that’s given directly to the seller and demonstrates that you are serious about wanting to close as soon as possible.
This also allows you more time to acquire the proper financing to buy a house. It also gives you more time to have the property appraised and inspected.
If you want to buy a house, keep the process simple and get in touch with Coldwell Banker Realty Champions, Inc. These real estate agents are based in Chillicothe, OH, and provide assistance with buying or selling a property and obtaining a mortgage. Call (740) 775-8500 to speak with a real estate agent about local listings. Visit their website to learn more about how to market and showcase houses for sale.