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Real Estate

May the Odds Be Forever in Your Favor

How to Improve the Chances to Secure a Home in a Multiple Bidding Scenario

Are you bored of hearing about the competitive, frantic South Florida real estate market? Just imagine the plight of a serious homebuyer during this frenzy. If you fall in this category, I suspect you probably have submitted one or more offers on the few homes that are for sale which come close to your wish list. It is likely that you have lost out on a given home sale to other bids.

By now, you’ve been instructed that your preapproval for a loan must be solid but that an all-cash offer is the most effective. Simply offering the highest amount, however, does not guarantee moving trucks in your future. There are a few more insights that can make all the difference if implemented efficiently.

Timing of your offer is crucial. Obviously, being among the first to tour and submit an offer is beneficial, as homes are selling so very quickly. In addition to your strong monetary bid, you need to demonstrate that you are prepared and that getting to the closing table will be stress-free and quick (if a speedy closing is what the seller wants). How, you ask? Here are three tips:

  • Include your proof of funds (or preapproval letter).
  • Provide a personal note and/or your bio to establish a personal connection.
  • Provide your attorney’s contact information so the listing agent and sellers know that you are prepared to expedite the sale.

In addition to your compelling offer peppered with flexible closing dates and other appealing seller benefits, make sure that while you are touring their home you appear to be starstruck by their abode. Be complimentary as well as easygoing (even if you bombard your Realtor with questions later). Their agent will communicate your interest and demeanor to the homeowners. It’s your agent’s role to portray you as the ultimate buyer to instill confidence that you will close on the property with little to no setbacks.

Finally, another vital component that is at play during a multiple bidding scenario is who your Realtor is. In this market, sellers and listing agents prefer to work with Realtors who have a solid track record, possess local expertise and provide valuable experience. This typically translates into a collaborative negotiation and ensures an efficient closing. Now is not the time to rely on your cousin or your high school classmate that does real estate part-time. This is a full-time contact sport! Align with a winning team and you will be loading the moving trucks soon!

Carole Smith
Author: Carole Smith

Carole Smith
the authorCarole Smith
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