What's the Secret to Winning Multiple Offer Situations?

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Thanks for joining us again. Today we are going to talk about dealing with multiple offers on a home, from a buyer's and seller's perspective.

We are definitely seeing a lot of multiple offers here in Wellesley. In fact, just yesterday we saw a property sell for $100,000 over asking price after having 11 offers on it. 

The most important thing to remember when making an offer is not necessarily the price. You want to look at all the terms and conditions of an offer to see if it's the best fit. Sometimes waiving inspections or mortgage contingencies matter more to a buyer than just the price. 

Cash is king, but not always. An offer is about terms. Sometimes the close date may be more important than the price. Sellers understand that most people can get a mortgage so I don't think they are too concerned about buyers not getting one. 

I think a personal letter is always a good thing because it appeals to the seller's humanity and allows them to envision someone else in their home. It is a nice personal touch that can help you stand out from the crowd. 

Before you start writing offers or even start looking at homes for that matter, a pre-approval is a must. Nobody will accept your offer without one, and if you don't have one, you may be looking at homes you will not be able to afford. 

If you receive multiple offers, you are going to get the most money in the first few days while demand is high. Take the money and run!

If you have any questions for us, or are thinking about buying or selling in Wellesley in 2015, give us a call or send us an email. Talk to you soon!