More often than not, Buyers are competing against multiple offers when trying to buy a home in the Austin market right now. I’m hearing about buyers writing offers on 8-10 homes before they finally win. Sadly, some give up.
The broker with whom you work can mean the difference between winning and losing in a multiple offer situation. Notice, I said “broker”. If you are working with just an agent (licensee) you are probably working with someone with less knowledge, experience, and expertise than a Broker.
With over 18 years experience I’ve negotiated hundreds and hundreds of real estate deals. Many of those involved multiple offers. I’ve learned a few things that help my Buyers win against other buyers.
Here’s a few areas of the contract around which I’ve created some winning strategies.
- Closing dates: How find out what the seller really wants and give them the closing date THEY want
- Earnest Money Deposit: You would only forfeit this money if you DEFAULTED. So, why not include a BIG earnest payment to show how serious you are.
- Option Fee: The bigger the better. I’ll need to explain this strategy to you in person or over the phone.
- Prequal Letter. It’s absolutely essential
- Buyer Approval: When you should or should not remove the financing contingency
- Partial Appraisal Waiver: Most agents get this wrong.
- Full Appraisal Waiver: Know the risks and the benefits.
- Home Warranty: Gone are the days when you would ask the seller to pay for this.
- HOA Documents: How this can be a back door out of the contract if needed.
- MUD Disclosures: Another back door out of the contract if needed.
- Home Inspection: Always, always, have an inspection.
- Delivery of Option Fee. Why time is of the essence.
- Delivery of the Earnest Money Deposit. Hmmmm, could you use this to get out of the contract?
- Escalation Clause: Why your REALTOR can write one. But could you?
If you find yourself in a multiple offer situation, be sure your agent is highly experienced in helping you win.
