How to Win Against Multiple Home Offers?
The most obvious way to win the dream home that you and your family have been diligently looking for is to come in with the highest offer – but even though you come in with the best offer, it could be 10% higher than the next best offer might not be enough if your offer is not a “clean offer”. A clean offer is highly attractive to a seller and this simply means that there are no or very few contingencies (conditions) that must be satisfied in order for the sale to go through or reach a satisfactory conclusion.
The Orange County housing market statistics show that most typical type of contingencies that appear in a purchase offer are financing, home inspections and the worst (in the eyes of the seller) the sale of another home. If you want to put yourself ahead of a very competitive Orange County buyers market you must come into the buying process with zero contingencies – save for the home inspection that would take place after the seller accepted your initial offer. If you still have a home to sell or if you have not secured financing for the new home, you have jumped into the process to early and are not a competitive bidder and should not expect to come in with the best offer as likely your competition has already taken care of these important items.
In part 2 of this blog posting I will talk about down payment and earnest deposit and how they can help stimulate the offer IF you are already pre-approved for financing AND do not have a home that you need to sell in a contingency offer.
C.E.O. BanCorp Realty