With inventory down and demand up, we’re starting to see homes go under contract in less than one day with multiple offers. Here are some tips to help make your offer stronger in a multiple offer situation.
- Hire a buyer specialist that is experience in multiple offers
- Be flexible and close according to the seller’s schedule
- Increase sale price. Consider what the property is worth to you, instead of the list price. Your agent can do a market analysis for you.
- Add an escalation clause. You will pay $x more than any other offer up to $x.
- Increase earnest money
- Make earnest money non-refundable after a certain date.
- Pay cash
- Use a local lender and have your prequalification letter ready
- Order appraisal within 24hrs of going under contract
- Remove inspection contingency or mention that the inspection will only be for health & safety issues
- Pay for some closing costs
- Pay for title work
- Offer rent back or post-closing occupancy if needed
If you’re thinking about buying a home, please give our buyer specialists a call at 575.377.2321 and start planning your purchase strategy now.