In hot markets like Las Vegas, it’s not uncommon to see bidding wars erupt over a home. Getting multiple offers is a boon to sellers, but competing with these offers can be a major headache for interested buyers. There’s nothing worse than spending months finding the perfect home, only to lose it because your offer couldn’t beat the competition. Unfortunately, buyers tend to lose one or two properties this way before they understand the market and learn to make stronger offers.
The obvious solution is to be more aggressive with your offer. Due to budget constraints, it’s not always possible to make an offer higher than the asking price, but it is much better than making a shy and conservative offer. In the luxury market, offering a higher price is often the best move to avoid missing out on the perfect home. Even so, your strongest offer might have other strong offers to compete with. In that case, what can you do to make your offer stand out?
1. Have Your Paperwork Ready
If a seller receives three similar offers, but they have to wait for you to get documents signed, your loan pre-approved, or proof of funds, they’re gonna go with the buyer who has all their ducks in a row. You want to make it as easy as possible for the seller to accept your offer by getting rid of any and all obstacles in advance.
2. Write a Personal Note to the Seller
When a seller is looking at multiple offers, what they’re really seeing is the bottom line. Attaching a note to your offer gives it a personal touch, which helps it stand out from the rest. Not all sellers are holding out for the best price. Some would rather see their home go to a family than an investor. Just keep the note short and be yourself, because people know when you’re pandering to them. Here are some ideas for what you might include:
- Why you’re moving into the neighborhood.
- Why you’re interested in the seller’s home.
- Why it would be perfect for your family.
- A picture of you and your family.
If the seller has a dog-friendly home, you could also include a photo of your dog. We’ve even heard about buyers writing a personal note from their dog’s point of view, so don’t be afraid to get creative.
3. Find Out What the Seller’s Needs Are
A strong offer is not always about price. There are terms to consider as well. For example, if the seller needs flexibility in the closing date, and if you can offer that, it can give you an edge over the competition. Any concessions you can make to help the seller get what they want will only help you get what you want.
These are all small, simple steps, but each one can put you in a stronger position when you go to make an offer. Pair all of these tips with the most aggressive offer you can make, and you might just end up with the home of your dreams.