arhome realty blog

how to win a multi-offer

Don’t lose another dream house in this tight market! Here's our list of 4 steps you can take to make your chances better when you run into a multi-offer situation.

1. prepare for a multi-offer scenario before the right home even hits the market.

Get educated on market value and what you should expect to offer on the kind of home you’re looking for. Prepare your max budget. Go see other homes to learn what you really want. A multi-offer situation is not the time to be on the fence or act under pressure — you need to be prepped to know if you actually want this house, and if you do, be ready to offer a healthy and strong price.

2. try to find out what else the seller is looking for.

Price isn’t always everything. See if they want a specific closing date, financing terms or inspection terms and try to meet those as much you’re comfortably able to.

3. know what you're competing against.

It’s different when there are 2 offers on the table vs. 25 offers. Try to find out how many offers and showings are happening to get clues on what you’re up against. More activity likely means this house is significantly better than whatever else is on the market at that price, and over-list price offers could be the norm

4. submit the offer with "insurance."

What’s that? That’s what we like to call the little extra $ you throw in just to “make sure” you’ve done you’re very best. For everything else in life, buying insurance is like buying peace of mind. Even if you never end up using it, you sleep well knowing you’re covered. So even if your offer is at market value but you REALLY want this house, insure it with a no-regrets buffer that you’d be comfortable living with once you beat out everyone for your dream home!

**As much as these tactics are extremely helpful to being successful in multi-offer situations, we all know nothing in life is guaranteed and you just might not be capable of meeting everything the seller wants. Be prepared on what you’re comfortable with and stick to it, because winning isn’t everything if you’re going to regret it later.*

It's easier with an arhome agent. Contact us to get in touch with an agent today.