There are many things you can do to help your offer stand out. Increasing your price or earnest money deposit is just one strategy.
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We have some really helpful tips to share with you today about how to get your offer accepted in a multiple offer situation.
First off, I encourage you to make a decent earnest money deposit. We recommend an amount that is about 1% of the purchase price If you know you’re competing, you might want to offer a little bit more earnest money. It will go toward your down payment and closing costs anyway, and by offering more earnest money, you help your home stand out.
Secondly, you should have your agent call the listing agent to find out what’s important to the seller in an offer. We are looking for something that would cater to the seller’s needs. For some sellers, price isn’t the most important thing. Some sellers need to have a specific closing date or possession date so they don’t have to make two moves. You can use that information to write in a rent-back into your offer. There are a lot of ways to help position your offer better other than just the price.
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Increasing your earnest money deposit is a good idea.
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On the topic of price, remember that if you’re asking for closing costs in an offer, the seller only cares about their bottom line. If you want to make a full-price offer and still ask for closing costs, make an offer that’s above list price and ask the seller to pay those closing costs. A full-price offer that asks for closing costs is not a true full-price offer.
If you have any questions for us, don’t hesitate to give us a call or send us an email. We look forward to hearing from you soon.
