- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Answers (24)
- Giovanni Freitas, "Giovanni Freitas"
- Contributions:19
Offer the highest and the best conditions offer you can make and be able to fullfill that promise. If you are 100% sure of your approval then you can offer a cash offer or not contigent on financing even though you are getting one. only do that if you are absolute sure 1000% you can qualify otherwise you can lose your deposit in case you dont qualify in the end. Also presenting to seller directly and showing your great desire to own his property might be appealing to them as well. in the end cash offers are king and less obstacles better for the sellers.
- Jeffrey Hogue, "JeffreyHogue"
- Contributions:1242
Make sure your agent includes a letter explaining your purchase situation, the reason you made the offer you did and comparable home sales supporting your value position. Your agent also has the right to request to present the offer directly to the seller. This is also helpful in stating your case.
It is also important to show the seller you are well qualified financially. You can do this by supplying the seller's agent with a pre-approval letter from your lender. You should also supply a buyers financial disclosure document showing you have the proceeds and income to purchase.
Another strategy you can employ is adding an escalation clause with a cap.
It is also important to show the seller you are well qualified financially. You can do this by supplying the seller's agent with a pre-approval letter from your lender. You should also supply a buyers financial disclosure document showing you have the proceeds and income to purchase.
Another strategy you can employ is adding an escalation clause with a cap.
- Pacita Dimacali
- Contributions:1254
Depends on the seller.
If it's bank owned, cash is king.
Obviously, the higher the price, the better
The shorter period of time to clear contingencies, and the shorter time to close escrow, the better.
If it's a seller with very sentimental ties to the property, find out what the triggers are: some sellers look for people as "care takers" or to continue the "tradition" of the type of owners they would like to have in the neighborhood. For example, people who spent a lot of time renovating their home would also have an affinity for someone who expresses appreciation for the workmanship.
Where there is a lot of sentimentality, include a personal letter with your offer.
All things being equal?
Highest price possible --- or highest NET proceeds to seller
High down payment --- shows how serious buyer is
High initial deposit/earnest money --- a measure of buyer's risk
Shortest time, or NO contingencies
Shortest escrow period
Proof of funds/ability to close escrow
Least cost to seller in terms of closing costs
As is purchase or fewest requests for repairs/credits
If it's bank owned, cash is king.
Obviously, the higher the price, the better
The shorter period of time to clear contingencies, and the shorter time to close escrow, the better.
If it's a seller with very sentimental ties to the property, find out what the triggers are: some sellers look for people as "care takers" or to continue the "tradition" of the type of owners they would like to have in the neighborhood. For example, people who spent a lot of time renovating their home would also have an affinity for someone who expresses appreciation for the workmanship.
Where there is a lot of sentimentality, include a personal letter with your offer.
All things being equal?
Highest price possible --- or highest NET proceeds to seller
High down payment --- shows how serious buyer is
High initial deposit/earnest money --- a measure of buyer's risk
Shortest time, or NO contingencies
Shortest escrow period
Proof of funds/ability to close escrow
Least cost to seller in terms of closing costs
As is purchase or fewest requests for repairs/credits
- Scott Troyanos, "Scott Troyanos"
- Contributions:14
Don't play games. A seller wants to know that they are going to have a buyer at the end of escrow that will close. A serious offer, looks serious.
1) Price - it's highest and best, based on the recent solds in the area.
2) Earnest Money - 1% of the list price
3) Terms and Conditions - close within 30 days.
Best of Luck.
1) Price - it's highest and best, based on the recent solds in the area.
2) Earnest Money - 1% of the list price
3) Terms and Conditions - close within 30 days.
Best of Luck.
- Brian Bressie, "Brian Bressie"
- Contributions:7
It is tough right now, it is a sellers market, although prices are still great!
One of the key elements to getting an offer accepted is your Realtor having a discussion with the selling agent to determine if the price is "real" or if it is very low to get multiple offers. If you don't have much room to move, and there are 18 offers already, you are probably spinning your wheels. It is important for the Realtors to have a rapport and have a frank discussion about what it is actually going to take to purchase the property.
Make sure your Realtor knows the value of the home and you make an offer in that range. Many homes are selling for over asking price right now.
Also, have all your documents in order to make an offer, as you need to be quick. Don't try to skimp on your deposit, it shows you are serious.
I have seen many homes lost to another buyer due to trying to save a few thousand dollars. Of course you want a great deal, but you are going to be spending hundreds of thousands of dollars, does it make sense to try and grind them for an extra $1500?
One of the key elements to getting an offer accepted is your Realtor having a discussion with the selling agent to determine if the price is "real" or if it is very low to get multiple offers. If you don't have much room to move, and there are 18 offers already, you are probably spinning your wheels. It is important for the Realtors to have a rapport and have a frank discussion about what it is actually going to take to purchase the property.
Make sure your Realtor knows the value of the home and you make an offer in that range. Many homes are selling for over asking price right now.
Also, have all your documents in order to make an offer, as you need to be quick. Don't try to skimp on your deposit, it shows you are serious.
I have seen many homes lost to another buyer due to trying to save a few thousand dollars. Of course you want a great deal, but you are going to be spending hundreds of thousands of dollars, does it make sense to try and grind them for an extra $1500?
- Ed Brophy, "Ed Brophy"
- Contributions:455
When it comes to pre-approval and pre-qualification letters they're really now worth the paper they're written on.
Ask the clients lender for a full approval, pending acceptable property with appraisal and inspection.
Ask the clients lender for a full approval, pending acceptable property with appraisal and inspection.
Jerry,
I would have a realtor to do a market analysis for the area the home is located. That would give you an idea of the best possible offer price.
Try to have as few contingencies as possible.
Have financing in place with letter of approval from lender.
Have as much a possible down as "good faith/escrow " amount.
Close as soon as possible.
Of course, there is no guarantee of whom will have the best offer. At least you will have done everything possible.
Good Luck!
Close as soon as possible
I would have a realtor to do a market analysis for the area the home is located. That would give you an idea of the best possible offer price.
Try to have as few contingencies as possible.
Have financing in place with letter of approval from lender.
Have as much a possible down as "good faith/escrow " amount.
Close as soon as possible.
Of course, there is no guarantee of whom will have the best offer. At least you will have done everything possible.
Good Luck!
Close as soon as possible
- Yuval Degani, "Dream Town Realty"
- Contributions:67
There is a lot of good advice here and some bad too, like someone telling you to "ideally go over the list price," without having done a market analysis this is just wrong. Jerry there is an excellent article on Multi-offer Strategy that you should check out. It goes into detail about how to make your offer more attractive to banks and offers explanations about why these things help rather than just giving you a bullet point list of things to do. It will educate you on why these things are important and education is power in a multi offer situation.
http://www.thechicago77.com/2010/04/short-sale-and-foreclosure-multi-offer-strategy/
Best of luck,
Dreamtown
http://www.thechicago77.com/2010/04/short-sale-and-foreclosure-multi-offer-strategy/
Best of luck,
Dreamtown
- Leanne Aiken, "Leanne Draeger Aiken"
- Contributions:23
1) Tight, clean offer - no contingencies
2) Top price offer
3) As much money as possible down for the loan
4) Short closing time
5) The rest is up to the agent & seller preference. Every transaction is different as sometimes the seller is emotional, sometimes they are money driven. It's a fine balance between the two.
2) Top price offer
3) As much money as possible down for the loan
4) Short closing time
5) The rest is up to the agent & seller preference. Every transaction is different as sometimes the seller is emotional, sometimes they are money driven. It's a fine balance between the two.
- hpvanc
- Contributions:2579
I' with Socal 100% on this one!
"Cover letters and the "touchy-feely" aspects don't move me, and may actually have an adverse effect. When all-is-said-and-done, this is a business transaction. The person who gives me the best transaction, with the least headaches, is the one who I will choose to do business with."
Also I would reject an offer that I thought was going to be above appraisal, even though it is more money, unless it was coming from a cash buyer that without an appraisal contingency. No sense going through the hassle of renegotiating endlessly if there is an offer that can work that will net the same in the end.
"Cover letters and the "touchy-feely" aspects don't move me, and may actually have an adverse effect. When all-is-said-and-done, this is a business transaction. The person who gives me the best transaction, with the least headaches, is the one who I will choose to do business with."
Also I would reject an offer that I thought was going to be above appraisal, even though it is more money, unless it was coming from a cash buyer that without an appraisal contingency. No sense going through the hassle of renegotiating endlessly if there is an offer that can work that will net the same in the end.
- frisky1
- Contributions:448
Socal_engr, although I agree with your assessment, I disagree with the dismissal of the touchy-feely stuff. The vast majority of people who have bought and sold real estate in this country have proven over and over that they don't approach the deal as a business transaction. Most people are swayed by silly things. given similar terms, I'd say the offer with a nice short letter thats not creepy OR the people that may have met the seller (maybe the sellers were in the house or leaving when the buyers got there so they can put a face on the offer) would very likely have an upper hand. human nature trumps common sense.
The correct answer is if you plan to enter a multiple offer situation after the catastrophe we've just endured across this country, and are still in, then pick up the nearest cast iron skillet and bang it into your head. then have your significant other or good friend put you on a plane to Hawaii and sit you in the sun until you come to your senses.
The correct answer is if you plan to enter a multiple offer situation after the catastrophe we've just endured across this country, and are still in, then pick up the nearest cast iron skillet and bang it into your head. then have your significant other or good friend put you on a plane to Hawaii and sit you in the sun until you come to your senses.
- SoCal_Engr
- Contributions:5667
"OFFER MORE MONEY THAN THE OTHER OFFERS!"
Then, why did I turn down an over-asking offer to accept a full-price offer? Cleaner financing, less crap in the rest of the offer.
Cover letters and the "touchy-feely" aspects don't move me, and may actually have an adverse effect. When all-is-said-and-done, this is a business transaction. The person who gives me the best transaction, with the least headaches, is the one who I will choose to do business with.
So, for me, that means...
Clean financing (prefer conventional to others)
No requests for concessions to cover buyer costs
Proof of pre-approval (not pre-qualified)
Decent earnest money
Minimum contingencies (i.e., inspection, financing)
Short escrow
Everything else is glitter. Put on too much, and I begin to wonder what you're trying to distract me from.
Then, why did I turn down an over-asking offer to accept a full-price offer? Cleaner financing, less crap in the rest of the offer.
Cover letters and the "touchy-feely" aspects don't move me, and may actually have an adverse effect. When all-is-said-and-done, this is a business transaction. The person who gives me the best transaction, with the least headaches, is the one who I will choose to do business with.
So, for me, that means...
Clean financing (prefer conventional to others)
No requests for concessions to cover buyer costs
Proof of pre-approval (not pre-qualified)
Decent earnest money
Minimum contingencies (i.e., inspection, financing)
Short escrow
Everything else is glitter. Put on too much, and I begin to wonder what you're trying to distract me from.
- Wayne Sanman
- Contributions:67
I agree with Kerry Lucasse, as I do all of those things myself in a multiple offer situation, but the number one thing you can do to make your offer stand out is (drum roll please)...
OFFER MORE MONEY THAN THE OTHER OFFERS!
But, you probably knew that.
If there is one thing I may quibble with regarding some of the other responses, I've found over the past 19 years that cash offers are your most flaky buyer, i.e. the most likely to get cold feet and walk away from a transaction. Generally, the "cash" is money that they treasure and worked very hard to get, and plunking it all down on a home can sometimes trigger the worst kind of buyers' remorse.
OFFER MORE MONEY THAN THE OTHER OFFERS!
But, you probably knew that.
If there is one thing I may quibble with regarding some of the other responses, I've found over the past 19 years that cash offers are your most flaky buyer, i.e. the most likely to get cold feet and walk away from a transaction. Generally, the "cash" is money that they treasure and worked very hard to get, and plunking it all down on a home can sometimes trigger the worst kind of buyers' remorse.
- workabee
- Contributions:1030
This fool has been in business since 2002. Either he's posting to hear himself talk or he needs serious professional retraining. The market in Ontario must be terrible.
- Tere Rice, "Tere Rice"
- Contributions:307
Conventional financing with at least 20% down, cash is king, no buyer concessions, love letter how much buyers love the home, agent pays for Home Warranty, buyer pays for termite up to $500.00, purchase price above list, close in 30 days or less!
- Kerry Lucasse, "IntownAtlantaAgent"
- Contributions:210
This is my favorite topic, Jerry! In the last year, I've been involved in at least a dozen multiple offer situations and I like to do a few things to set my buyer apart from the crowd...
1) Create a cover letter for the offer, highlighting key aspects of the offer (i.e. 30% downpayment, well-qualified) and also add a personal note if my buyer feels comfortable (i.e. wonderful young couple is ready to start a family...)
2) Keep the offer as clean as possible
3) Include at least one pre-qualification letter and/or proof of funds
4) Double the typical earnest / good faith money
5) If a contingency is necessary, I minimize any timelines (i.e. inspection period, financing contingency, etc).
6) Price it right!
7) Quick closing
8) Build a repore with the listing agent, letting them know that not only is my buyer a pleasure to work with, but I am too!
Best of luck to you and your buyer...
1) Create a cover letter for the offer, highlighting key aspects of the offer (i.e. 30% downpayment, well-qualified) and also add a personal note if my buyer feels comfortable (i.e. wonderful young couple is ready to start a family...)
2) Keep the offer as clean as possible
3) Include at least one pre-qualification letter and/or proof of funds
4) Double the typical earnest / good faith money
5) If a contingency is necessary, I minimize any timelines (i.e. inspection period, financing contingency, etc).
6) Price it right!
7) Quick closing
8) Build a repore with the listing agent, letting them know that not only is my buyer a pleasure to work with, but I am too!
Best of luck to you and your buyer...
- Cindy LaPeer ABR, e-PRO,SFR, Cdrs, "Houston Metro Pro"
- Contributions:2239
Jerry - are you new and trying to generate ideas??
There are things you can do to make a buyer's offer more attractive but a lot of them are specific to the situation. Be creative and think out of the box if it is a "regular" sale. And even after all that, the suggestions below, cash and ask for nothing, are the most valid.
There are things you can do to make a buyer's offer more attractive but a lot of them are specific to the situation. Be creative and think out of the box if it is a "regular" sale. And even after all that, the suggestions below, cash and ask for nothing, are the most valid.
Quick Cash!!! Ask your agent what they recommend!
- wetdawgs
- Contributions:26851
Cash.
Pay an attractive price.
No contingencies.
Flexibility in closing dates.
Plate of chocolate chip cookies.
We won a house is a very competitive situation once because my first name is the same as the sister of the owner who'd died the previous week.
Pay an attractive price.
No contingencies.
Flexibility in closing dates.
Plate of chocolate chip cookies.
We won a house is a very competitive situation once because my first name is the same as the sister of the owner who'd died the previous week.
- shasta_steve
- Contributions:448
I went through a similar situation last year. I kept bidding on houses where there were many offers. Best is usually cash but if you can make your offer look as close to cash as possible it is good. Lots of the foreclosures here come up, take bids for a week or so and then are off the market. They are just looking to turn them over the easiest way possible. Around here for one reason or another houses with many offers will usually just throw out the FHA and VA loans. We also often have a hard time with apprasials so if you ask for money back for closing, that can be a red flag too. My agent was told I was not the high bidder but the only one with 20% down and I did not have to ask for help with closing costs.
- sunnyview
- Contributions:25139
I agree. It is funny to have a realtor asking these questions. Isn't it?
- Ofe Polack, "Ofe Polack"
- Contributions:1418
Ideally, go over the listing price, pay cash and have no contingencies. That is the ideal offer. Next, no contingencies. Next go over the listing price.
You do not say if this is a short sale or bank owned, but most sellers regardless will favor an offer without any contingencies that avoids further negotiations. Always pre-approval or proof of available funds if it is a cash offer. I find it funny that a Realtor would be asking this questions???
You do not say if this is a short sale or bank owned, but most sellers regardless will favor an offer without any contingencies that avoids further negotiations. Always pre-approval or proof of available funds if it is a cash offer. I find it funny that a Realtor would be asking this questions???
- sunnyview
- Contributions:25139
As an agent, I'm sure you already know that an all cash offer is often number one especially for banks. Besides that buyers can do other things like be pre approved, offer a large earnest money deposit, offer a quick close, offer over asking price, remove any contingencies, waive inspections or get pre approved with the bank that is selling if it is bank owned or a short sale.
- April Tavares, "AprilinSiliconValley"
- Contributions:41
Jerry,
Every situation is unique, but I would start by asking your agent to question the listing agent. Often, the listing agent will give some clues as to what their seller wants to see in the contract. If the seller's wants are within your ability to do, that would be a tremendous first step.
Other things to do to make your offer shine:
1. Provide a pre-approval letter.
2. Provide the front page of your credit report (without divulging your ss#). A strong credit score will help demonstrate that financing should not be a problem.
3. Proof of funds for the deposit and to close the loan. Be certain to block out personal information such as your account number.
4. Generally speaking, the less you ask the seller to pay for (i.e. inspection reports, closing costs, fees, etc.) the happier the seller will be.Do the best you can.
Hope this helps,
April Tavares, GRI
Realtor, DRE License #01742179
[moderator deleted contact information]
Every situation is unique, but I would start by asking your agent to question the listing agent. Often, the listing agent will give some clues as to what their seller wants to see in the contract. If the seller's wants are within your ability to do, that would be a tremendous first step.
Other things to do to make your offer shine:
1. Provide a pre-approval letter.
2. Provide the front page of your credit report (without divulging your ss#). A strong credit score will help demonstrate that financing should not be a problem.
3. Proof of funds for the deposit and to close the loan. Be certain to block out personal information such as your account number.
4. Generally speaking, the less you ask the seller to pay for (i.e. inspection reports, closing costs, fees, etc.) the happier the seller will be.Do the best you can.
Hope this helps,
April Tavares, GRI
Realtor, DRE License #01742179
[moderator deleted contact information]
What can I do as a Buyer to stand out and get my offer accepted when there are multiple offers in?
-
- 5.0/5.0
- (1 review)
Contributions:8Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.