Buying a home can be a complicated process. You first need to find a property you like that also fits within your budget. Then, you need to make an offer to the sellers. If there are other buyers interested in the same home, your offer may need to be even stronger. Here’s what you should know about this part of the process so you can have the best possible chance of landing your dream home.

What Do Multiple Offers Mean for Buyers?

If a property has other offers, it simply means that there’s competition for the property. It does not mean that it’s not worth offering at all. Generally, a Realtor® is open about whether or not there are other offers on the table, but don’t usually share what those offers are. This gives buyers the opportunity to put together their strongest possible offer in the hopes that it stands out against the other.

Once a seller receives all the offers, they can either accept one or send counter offers to some or all of the potential buyers. If you receive a counter offer, you can accept their terms or submit a counter of your own. However, if there’s a lot of competition for the home, another buyer may still submit a stronger counter offer that is accepted over yours.

How Can You Craft a Strong Offer?

To give your offer the best possible chance of acceptance, you can submit a higher monetary offer or eliminate any potential roadblocks to the sale, which gives the seller more security that the sale will actually go through if they accept your offer. The higher your offer, the more likely you are to outbid the other buyers.

Shape your offer to eliminate as many contingencies as possible. Start by getting pre-approved for the amount of your offer or more, which shows the seller you have the necessary financing. If possible, pass on demands like selling your previous home first or completing special inspections before making the sale official. This gives you fewer opportunities to back out of the purchase, but if you’re sure about the home, it can make your offer more solid for the sellers.

An experienced Realtor can help you successfully navigate a multiple offer situation when buying a home. Justyna Johnson - ExP Realty serves buyers and sellers throughout Woodbury, MN, and the surrounding communities. As a top Realtor, Justyna provides guidance, free home staging services for those selling a home, and even a handyman for quick fixes. Text HOME to (651) 501-2345 to receive an accurate, free online property report with no calls, spam, or sales communication. If you’re thinking about selling or buying a home, visit her website.