Multiple Offers

It’s a great time to buy property in Montana. For home buyers looking to buy a home in today’s market, it’s exciting because homes are moving quickly.  It can also be frustrating because chances are good that you may find there are multiple offers on that home that you want to own.

So, what can you do to increase your chances of having the seller accept your offer instead of someone else’s?

  1. Write your best offer. The market is very competitive right now, so it’s best to not have to do a lot of negotiating back and forth. As far as your offer goes, make your best offer in the beginning. This lets the seller know that you’re genuinely interested in their property, and makes it easier for the seller to make a decision that would favor your offer over other multiple offers.
  2. Show the sellers that you’re qualified. Right now, the average days on market has dropped, which is really amazing. Have a pre-approval letter from your lender before you start the process. This can eliminate a lot of questions that the seller will have regarding your offer and make you stand out above the other multiple offers competing with yours.
  3. Waive some of your contingencies. The standard contract gives you several weeks after your offer has been accepted to do the inspections and appraisals and give the property your due diligence. If you’re willing to shorten that period and/or shorten the period of your loan contingency, that can also make your offer stand out above multiple offers.
  4. Submit a large earnest money deposit. This shows the seller that you are very serious about purchasing their home and have the funds available to do so.
  5. Give the sellers more time to move. Sellers may need a little time between the closing of escrows, so let them know up front that you’re willing to give them two or three days to comfortably move into their new home after closing. It also gives them peace of mind that they have the funds to move forward.

Be sure to keep these tips in mind in order to strengthen your position in Montana’s competitive real estate market.  We are happy to advise you along the way if you are ever in a position where you are competing with multiple offers.  And as a buyer’s agent, we look forward to doing everything we can to get you the Montana home you desire.

Laurie Pacheco, Marketing