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How to deal with multiple offers on the same home

On Behalf of | Sep 15, 2021 | Real Estate

Looking for a new house in New York can be as exciting as it is stressful. In a seller’s market, however, there may be multiple offers on the same house. If you’ve got your eye on a home that has a lot of competition, you should know how to give an offer that might give you an edge.

Demonstrate that you’re qualified

Per real estate law, you will have to show the seller that you’re qualified to pay for the home. You should obtain a letter from a lender that states you are pre-approved for a loan. Request a standout letter from your lender that will catch the seller’s attention. Pre-approval can give you an advantage in terms of being a potential buyer.

Give an earnest money deposit

An earnest money deposit is required when you’re trying to compete for a home that has multiple offers. It’s part of your down payment and shows the seller that you’re serious about buying the house as you’re offering more money upfront.

Allow the sellers time to move

State real estate law gives the seller adequate time to move as they are selling their home. Be patient and give them that time. You should give at least a few days to move after closing.

Waive contingencies

You have 10 days to have a home inspection done unless you waive it. However, it’s important to have one done, so you might want to waive other contingencies such as loan approval if you know you have an exceptional loan.

Make an offer to pay more in cash

You can offer to pay more in cash to the seller if there is a chance that the appraisal might find the home is worth a lower price than what you’ve offered. It can provide relief to the seller and make you stand out in their eyes.

These are some of the best ways to improve your chances when a home has multiple offers. Standing out in the seller’s eyes gives you a competitive edge.