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Multiple Offer Situations

August 31, 2020

After months of looking, you’ve finally found your dream house. It checks all the boxes! You are determined to have this one. However, you come to find out that you aren’t the only interested party in this house. There are multiple offers being submitted and you have NO IDEA how to beat them. How do you come out on top?

Here are three tactics to give you the best possible chance of beating out the other offers.

ONE: Escalation Clause

You can put in the additional terms of the contract that you will pay “X” amount of money over any competing offer, up to “X” amount. For example: you would offer to pay $1,000 more than any other offer, up to a maximum purchase price of X. This enables you to stretch out your budget without getting outside of your comfort zone to remain competitive.

TWO: Using Seller’s Favored Escrow Company

This is a miniscule detail that in a pinch can help you get over the finish line. More often than not, the seller will have a “preferred” title agency. Putting every little detail together to favor the seller’s wishes will help your odds of beating out the other offers.

THREE: Hard Earnest Money

If you want to get really aggressive, you can make your earnest money “hard”. What this means is that you will not, under any circumstance except a seller’s breach, receive your earnest money back should you go under contract. This sort of offer guarantees that the seller will be getting paid – as they will either sell the house, or keep the earnest money. It gives the buyer official skin in the game and this tactic is reserved for the buyer who is going up against multiple offers and absolutely wants the house.   

These are three tactics you can use in almost any multiple-offer situation to give you a better chance of getting the house you want. However, verbiage here is essential – so make sure to use an experienced realtor to execute them.

As your real estate professional, I pride myself on being here to provide you with all of the tools and knowledge you need to succeed in the real estate market. Reach out any time.

Oh, by the way®… if you know of someone who would appreciate the level of service I provide, please call me with their name and contact information. I’ll be happy to follow up and take great care of them.

If you have any questions, please reach out to me. I’m always happy to help!

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