In most part of the county, buyers are finding themselves in a Multiple Offer Situation and are not that familiar with how to beat out all the other offers on the table. If you follow these 4 (of my 8) tips you will be well on the way to owning the home you want. Multiple offer situation or a bidding war is hard especially if you have encountered it for the first time and you don't have any idea how to beat other bidders. This video will help you close the home you really want during a multiple offer situation. This is part 1-2, that will tell you how to win if you are in a bidding war.
Transcription
Hi everyone. This is your Tampa Bay realtor Lance Mohr and I want to talk about 4 ways to win in multiple bidding situations. This is going to be Part 1 of Part 2.
Alright, so everybody knows pretty much around Tampa Bay, Florida and most in the country there’s a lot of multiple bids and sometimes it could be just 2 offers, 4 one offers, 10 offers, 20 offers and you’re one of many and you really need to separate yourself from the other buyers who are out there. I’m going to give you four tips that work really well and then in my next I’m going to give you four more that work really well. So you’re going to be really ready, locked and loaded to win the home you want. We’ll start off with number one, we want to keep things simple. We just want to make sure the contract looks simple. Don’t write contracts and cloud it up asking for a bunch of stuff. Don’t ask for stuff like washers, dryers, refrigerators, warranties etc. Now if the agent is offering that in the MLS. If they say they are offering a washer, a dryer or curtains or refrigerator then, by all means, you could put in the contract and then just put a little note on it her MLS. But keep the contract simple. It’s a really easy thing to do.
The second thing you want to do and I know this probably sounds funny to a lot of people but write a letter to the seller. Write a letter to the seller, you could type it, sign it, email it to your agent and afford it. Just tell them how nice their home is. How much you would like to live there. I know that sounds funny but people really like to hear how nice their home is. I have many buyers who do this to my sellers in multiple situations. Even in situations that weren’t a multiple situation and sellers love it. They really think a lot of it. So definitely do it, it’s not going to take you more than 5 minutes.
The third thing you need to do is put down more earnest money. A lot of times people, at least in our area in Tampa it’s always considered you put down 1% rounded down. So maybe the homes 350,000 and you put down 3,000 or maybe if you want to put down 2,000 or 2,500 try going up and I’ll give you an example what I did. When my wife and I were buying our home, I put down $10,000 earnest money. My wife said why in the world you would put down so much. Now I said because I want this home. I want them to know I want this home. I don’t want any misunderstanding about that. I said look, I have the financing contingency that will back me up. I have the inspection contingency that will back me up. The appraisal contingency that will back me up and if you don’t have to finance then put an appraisal contingency in there. Put something in there if you think you need that but make sure you offer enough earnest money. I mean, I would offer at least 1% probably 2. I mean I offered a lot more than that but I think it’s a really good idea to offer a lot of earnest money and let them know you’re really serious about buying their home.
Also makes sure you’re pre-approved. I did another video in this you could go in and you could be pre-qualified but being pre-approved to be able to begin to an agent and be in a situation like this and say my seller and my night buyer is already pre-approved for the mortgage they’ve already run their credit report that already verified their income. They already verified their employment. They’re pretty much a cash buyer and they will close on your home because at the end of the day the seller is having three question; how much money are you going to offer me, are you pre-approved to buy my home and do you really want to buy my home. Those are the three questions they have. You need to make sure they’re very clear about your answers and all that.
Then if you like this videos leave me a comment and I know you probably know a lot of people out there buying homes, selling homes refer my YouTube videos referring one of my videos in my YouTube channel. I do this because I want to help people and I know it helps a lot of people out there. Feel free to pass my information on. Leave a comment below, give me call if you’re in the Tampa Bay area or if you’re in another area you have any questions, I would love to work with you. Have a wonderful day.
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