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How to win in a multiple offer situation

Hello! I’m Julie Danaher, Realtor in the Burlington area of Vermont with Ridgeline Real Estate.

For quite some time, we've witnessed a captivating trend: a flurry of enticing offers on nearly 75% of the properties listed. As a prospective buyer, how can you rise above the fray when you find yourself amidst a fierce competition of 3, 5, or even 10 buyers vying for a single piece of real estate? Each property possesses its unique allure, and the insights shared here serve as your grand strategy, with nuanced deliberation coming into play as you delve into the distinct character of each individual dwelling.

#1 Price- Home sellers have their sights set on maximizing their returns when selling their properties. Their goal? Achieve a sale price that meets or surpasses the asking price. In this regard, we'll delve into more advanced tactics such as escalation clauses, offering a percentage over the asking price, and solidifying that value with appraisal waivers, which we'll explore in greater detail in the following point, #2.

#2 Contingencies- Now, let's delve into the realm of contingencies. But what exactly is a contingency? It's essentially a clause often sought after by buyers to insert into the contract, serving as a condition that must be met before the transaction can progress. Among these, inspection contingencies loom large on the horizon. Over recent years, we've observed buyers making intriguing moves, ranging from forgoing inspections altogether to opting for inspection gap coverage or even embracing a pass-fail inspection approach. Each of these choices carries its own unique set of advantages that require careful consideration, all while keeping your overarching goal in mind: securing your dream home. Notably, inspectors have also expanded their offerings, introducing a concept known as "showing-only inspections" — a micro-examination encompassing the structural, mechanical, plumbing, electrical, and safety aspects of the property.

Among the significant contingencies in real estate conversations, the appraisal contingency is also on top deck. Imagine offering a generous $25,000 above the asking price – how do you effectively convey to the seller your unwavering commitment to meeting that amount? The solution lies in either forgoing the appraisal contingency entirely or introducing a gap provision, stipulating that you're willing to bridge any valuation deficit should the property fall short in the appraisal. Without such provisions, even an offer exceeding the asking price by a substantial $50,000 might risk being overshadowed or relegated to the backburner in the seller's considerations.

#3 Effective communication to the agent-In the world of real estate, collaboration among agents plays a pivotal role in guiding sellers towards the most suitable offer. Trust forged among professional colleagues constitutes a substantial part of this intricate puzzle. Your agent must excel at articulating your offer, not only showcasing your unwavering commitment and profound interest in the property but also ensuring that this message is conveyed efficiently and effectively.

Remarkably, the ability to harmoniously collaborate and navigate the journey to the closing table holds significant sway over the seller's decision-making process. Believe it or not, the seller's choice is not solely based on the numbers; it's also a matter of trust in the entire transactional process.

#4 When crafting your offer, it's imperative to think beyond just the price tag. Explore all the potential terms and conditions that can set your offer apart. Could offering a more substantial deposit demonstrate your commitment? Does the seller have a preference for an early or later closing date that aligns with your flexibility?

But don't stop there; go the extra mile in finding ways to bring a smile to the seller's face. Consider adding personalized touches, such as covering certain closing costs or offering to take care of minor repairs. Small gestures of goodwill can sometimes make all the difference in sealing the deal. The goal is not just to make your offer competitive but also memorable in a positive way that resonates with the seller's needs and desires.

#5 How you present yourself as a buyer matters. Your image as a buyer carries significant weight in the real estate arena. To stand out, it's essential to convey yourself succinctly and with unwavering clarity regarding your intentions. A valuable piece of advice is to strive for being the first to present your offer rather than the last. Time matters, and signaling a sense of urgency can leave a positive impression.

Avoid situations where you promise an imminent offer but then delay its presentation by days. Such actions can signal indecision and erode the seller's confidence. Additionally, refrain from multiple home visits unless absolutely necessary. Excessive showings might unintentionally convey uncertainty or a lack of commitment. Instead, opt for well-prepared and efficient interactions that showcase your genuine interest and decisiveness, ultimately enhancing your appeal as a desirable buyer.

While you absorb these insights, remember that each home and every seller bring their own distinct qualities to the table. A buyer's agent can serve as your invaluable guide in discovering the tailored strategy that aligns perfectly with your objectives.

Want to get started? Let’s chat about your criteria in a free buyer consult. Here’s my link to book something:


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