Inventory is dramatically shrinking and it is commonplace in parts of the Charlottesville Albemarle County real estate market to have multiple offers on a home. While the sellers would prefer to be able to choose the best offer for them, it can be incredibly frustrating for the buyers who might consider the following tips to get their offer accepted. It is important to have a strategy to follow when you are in a multiple offer situation.
- Remove the uncertainty that you may not be approved for a mortgage by having a pre-approval letter from your mortgage company.
Show your sincerity by increasing the normal amount of earnest money customary for the area and price of the home. The earnest money will be applied toward your down payment and closing costs. Consider placing even more money in escrow when the contingencies have been met.
Specify a closing date in the contract but acknowledge that you can be flexible to accommodate the sellers moving date. If it becomes an issue, it still must be mutually agreed upon.
Make the contingency periods shorter if possible to make the seller feel that they’ll know sooner that the offer is solid.
If the contingency really isn’t important to you, leave it out of the offer. The more contingencies included in a contract, the more the seller will feel might happen to keep it from actually closing.
Write a personal note to the seller explaining why you like and want their home. Consider including a picture of your family and pets.
Offer a fair price for the property in your initial purchase agreement. It shows sincerity and good faith that you’re actually trying to purchase the home and not trying to take advantage of the seller. The old adage that you can always go up later may never happen if there are multiple offers on the property in the beginning.