Currently most of the Tampa Bay area is experiencing a “sellers market”, there are more buyers looking for homes than inventory currently available. This has caused many properties to have multiple offers at the same time.
What can we do to make your offer stand out when you are in a multiple offer situation?
Take the time to get pre-approved by your lender before you begin your home search. Pre-approval is different than pre-qualified. Pre-qualified means a lender has asked qualifying questions and you meet the criteria to get a loan. Pre-approved is a more involved process where the lender reviews your credit history, financial documents, pay stubs, etc and has determined you are qualified for the mortgage, making you a more appealing buyer to the sellers.
Present your offer quickly and make sure your offer is strong as possible. The seller will review each offer presented and compare yours to the others. This is not the time to place a low ball offer, the seller will omit yours and move on to one of the others instead of countering. Provide a larger than average down payment to show you are serious and less likely to walk away from the sale. Limit the number of contingencies to the sale, the less hurdles the better. And try not to ask for seller contributions to your closing costs, this will reduce the profit the seller will make from your offer and may make it less appealing than the other offers.
You could also include a personal letter to the sellers telling them why purchasing their home is important to you. Many sellers are emotionally attached to their home and want to know the new owner will care for it and be as happy in the home as they were.
Finally, make sure you have an agent who can advise you on the best strategy to get the home of your dreams!
Kelly Harden, Realtor®
Mihara & Associates, Inc.