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How to Deal with Competing Offers



In a real estate market where the demand is high and the supply is low, home sales can end in bidding wars.  Here are some tips for if you end up having to deal with competing offers. 

1. Assemble a strong financial package.  Being preapproved by a lender can give you the advantage over other potential buyers.  Showing that you are financially stable and have a legitimate offer will impress sellers. 

2. Make an irresistible offer.  Now is not the time to try and get a bargain.  Make an offer at the list price or slightly above.  Having a flexible closing date that works with the seller’s schedule will also set you apart from other potential buyers.

3. Present yourself the best way possible.  Making yourself known to the listing agent and the seller will only work to your advantage.  Show genuine interest in the home, consider writing an introductory letter to the seller that includes a preapproval letter from you lender, and make multiple visits to the home.