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.
Here are a few links for additional info: