If you find yourself a buyer in a seller’s market, then you may need some help navigating the dynamics of a multi offer situation. We put together a few questions to consider discussing with your real estate agent.
How do I know if someone else made an offer?
You might not. Generally it helps a seller if buyers are in the loop about their competition, but it is up to a seller to give their agent permission to disclose if there are other offers on the table.
Are the specifics of my offer kept confidential from other buyers?
If you want to stay confidential, ask the seller to sign a confidentiality agreement. This should be done before your offer, and it will also apply to their agent. Unfortunately, if a seller wants to have a group presentation of offers, your only option would be to withdraw or revoke the the agreement.
My offer is the highest, so I win… right?
Not necessarily. A seller can choose to accept any offer that they consider the best for them, taking into considering things like pre-approval or closing date flexibility.
So, how do I beat out the competition?
Believe it or not, price and financing isn’t always the top concern to a seller. You can try writing a stronger offer, beyond firming up your financing, which could includes things like eliminating contingencies, staying flexible with timing or paying closing costs.