How to get your offer accepted when there are multiple offers

The spring real estate market started early this year and as in past years, there are far more buyers trying to buy than there are homeowners trying to sell. This makes for an imbalance in the market that heavily favors the homeowner wanting to sell. Especially in homes priced under $500,000 the market is approaching a fever pitch.


Some buyers think the best strategy is to wait till the market adjusts or for prices to come down. I, as a broker with 35+ years of experience, see absolutely nothing on the horizon that makes me think prices are coming down. Ridiculous. When there are hundreds more buyers than sellers in almost every zip code, prices are not coming down. So now, how do you get your offer accepted when many people are trying to buy the same house?


Consider one or all of these strategies to impress the homeowner and let them know how serious you are. 1. Put up a large deposit. You will have it returned anyway if certain conditions are not met so instead of a $2,000 or $3,000 deposit, make the deposit your entire down payment. 2. Agree to reduce the contingency time. Usually there are 17 days to get inspections, appraisals etc. done. Show you are serious by dropping this to 10 days. 3. Have your agent show proof of your funds when the offer is presented. 4. Get yourself pre-approved with a mortgage before you find you home and then present this pre-approval letter along with your offer. 5. Make your offer price at or above the listed price. Just paying the list price on properties under $500,000 will not cut it. Many will pay more. 6. Offer to purchase the house without requesting any repairs by the seller. Your inspection will tell you what those repairs need to be and you can then decide to proceed or not. 7. Offer to purchase with no appraisal contingency. If you are buying with only 3% to 5% down this does not work as well but if you have 20% down, it is very effective.


Every one of these strategies should be discussed with your agent so you understand what you are doing. There are possible downsides to each of them. However, if you are sick of losing out on offer after offer, these are proven ways to make your offer stand out over and above the other offers you are competing with.

The real estate professionals at Rich Cosner & Associates are all qualified to counsel you and to find you the best possible property in today's real estate market. You can find an agent you know at www.RichCosnerAssociates.com or call our office at 951-476-3500

Feel free to email me your thoughts and comments about these strategies to richcosner@richcosnerassociates.com