Winning with Multiple Offers

Ways to Increase Your Chances in a Multiple Offer Situation
by Steve Meyers
October 12, 2016

Listed below are the things we can do to make your offer as enticing as possible.

– Building rapport with the listing agent and seller. Early and often. “What do we need to do to make you look good to your seller?” & “What besides money are the terms you are looking for in a perfect offer?”
– Perfect closing date for the seller that might include closing plus 3 days before buyer’s possession or rent back situation at $10/week. Ask the Listing Agent.
– Earnest Money: Should be 2-3%. At 2% at $675,000 is $13,500.00, which is low for a multiple offer situation. 3% looks standard in a competitive market. 5% looks strong.
– Use Seller’s Title & Escrow preferred company
– Down payment: As high as possible or explain loan structure to selling agent and why
– Reduce 10 days (twice) to 1 hour on neighborhood review on pg. 5, paragraph X on the Purchase and Sale agreement. Or strike out altogether.
– Completed a pre-inspection, and waived inspection on the Form 35P.
– Waive Form 17: “right to revoke offer” based upon form 17. Form 17 is the seller’s disclosure.
– Financing addendum (22A): Paragraph 2, A. Decrease the number of days from 30 to a low amount of around 14 days.
– Big escalation increments if includes an escalation addendum.
– Start purchase price above listing price.
– Having our lender call the listing agent to talk the buyer up and why they are the best buyers.
– Include your love letter as part of the offer.
– Submit the offer via email with a well written recap of the offer within the email message
– Make sure the offer is well written, all of the pages in correct order. Everything correct.

Here are some things that are required in the current market if multiple pre-inspections are completed.

– Waiving appraisal – need to understand the risks as the buyer
– Having no or very few ways for the buyer to back out of the agreement once selected
– Waiver of payment of utilities – know what this means
– Pay SELLER’s Title & Escrow Charge

Here are the additional items available to you that we have seen from other agents who have won the offers, but we don’t typically encourage

1) Immediately releasing earnest money directly to seller as non-refundable
2) Writing a check for additional money directly to seller
3) Final & Best without an escalation addendum

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