It’s highly possible in the current Atlanta real estate market to be in a multi-offer situation when trying to purchase a home. Here are a few tips I offer my clients for the best chance to be the winning contract.
- Hire a realtor. You don’t want to fumble around trying to decide how to structure a winning offer. Also, many brokers aren’t allowing dual agencies anymore. This is where the listing agent can also represent both the buyers and sellers in a transaction. It’s a big mistake to think because the listing agent is representing both parties you have an advantage.
- Come in strong up front. In a multi-offer situation, you will not get a chance to counter back and forth.
- Be prepared for the listing broker to ask for best and final offer from all parties. This is when multi offers are on the table and the seller is asking for your best and final offer. You must go to the top of what you’re willing to pay for the home. You’ll never know what other buyers have offered.
- Have an escalation clause in your contract. An escalation clause will increase your offer automatically over the highest offer.
- Have as few contingencies as possible in your contract. Sometimes buyers need to have some contingencies in their offer, however, the fewer the better.
- Write a letter to the seller. I have clients write a letter to the seller explaining how much they want their family to live in the home. It’s amazing how many times this works.
- Write backup offers. Backup offers are good. If the seller gets frustrated with a buyer, they may just end up considering a backup offer. Sometimes enough time may have gone by to lift some of the contingencies buyers needed in their original contract.
- Go see a new listing for sale as soon as possible. If a home hits the market on a Wednesday don’t wait till Saturday to see the home.
- Stay positive. If you’re a buyer you’re going to see low inventories for a while…. maybe a few years! This is where I can be of help. I have a professional Social Media network of over 2000 agents. Realtors will post homes for sale prior to putting them on the market.
I have other strategies I would be willing to share if you want to contact me.