Tips On How To Win A Multiple-Offer Real Estate Situation

This season, we have already encountered several multiple-offer situations with our clients in some of Chicago’s most sought-after neighborhoods. This situation can be very stressful for all parties, so know what you’re willing to do in advance to secure the property will give you a leg-up on competing offers.

Here are some general guidelines to follow for securing an advantage over other clients for the same property:

Get pre-approved, not pre-qualified—Pre-approval is a much stronger position to show to the seller than simple pre-qualification.

Be flexible—A flexible closing date can give you a large advantage over competing offers.

Personal Note From Buyer –A personal touch may make your offer more intimate and less business-like to the seller.

Have Fewer Contingencies—Fewer contingencies mean a stronger offer in the mind of a seller.

Make a Large Deposit and/or a Large Down Payment—Another option to show the seller you are coming in with a very serious offer.

Make a Strong Offer—An initial offer at or beyond the listing price can help your cause for the seller deciding to ultimately negotiate with you.

Escalation Clause–In your initial offer, you specify a base price you are willing to pay for the home, with the condition that your bid will escalate above a competing bona fide offer up to specified limit. The escalation clause insures that you’ve furnished yourself the opportunity to stay in the competition until your maximum bid has been met.

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