The Columbus housing market is very competitive. Quality listings attract droves of buyers. Most of the time you will have to compete against other offers.
Every week my agents tell stories of frustrated buyers who just lost another bidding war.
What does it take to win in a multiple offer situation?
Tips to Win Against other Buyers
Pay More – If a listing receives more than one offer you will have to pay more than list price. Don’t even think about low-balling.
Waive Contingencies – The more contingencies you waive the more attractive the sale becomes for the current home owner.
- Buy the Property “As-Is” – If you buy “as-is” you indicate that you will not request remedies from the seller. You can still do a home inspection and terminate the contract if problems are detected.
- Waive the Appraisal Contingency – This means you agree to pay more than the appraised value if the appraisal comes in low. You can limit this additional payment to an amount you are comfortable with. Your lender will write the loan based on the appraised value.
- No Home Sale Contingency – If you have a home to sell, get a contract first and go through inspections. Most sellers will not accept offers with a home sale contingency.
Find out What the Seller Wants – I am not talking about money. Some sellers need more time to move and want to close later. Some may ask you to extend possession and stay in the house for a week or two. The more convenient you make the terms for the seller the more likely they will accept your offer.
Reliable Financing – It is important to work with a lender with a good record of closing on time. You must be pre-approved before you submit the offer. You also must be able to prove that you have cash available if you promise to cover an appraisal shortage.
Work with an Experienced Agent
This is probably the most important part of winning in a multiple offer situation. An experienced agent will advise you on exactly how much to offer, which terms to include or skip, and when to walk away and not overpay.
A great agent will communicate with the listing agent and find out which terms work best for the seller, and how many competing offers have been submitted.
In today’s competitive market you can’t just call the listing agent. Although Ohio law permits dual-agency, the listing agent should not represent both buyer and seller if multiple offers have been submitted. I certainly will not do it.
The listing agent’s fiduciary duty lies with the seller. You need a buyer’s agent on your side!
Call or text me TODAY at (614) 975-9650 if you want to work with an experienced agent, who’s been winning 8 out of 10 offers submitted!