How To Handle Multiple Offers On A House

How To Handle Multiple Offers On A House
How To Handle Multiple Offers On A House

Real Estate Tips: How To Handle Multiple Offers On AHouse

It’s a seller’s market in Central Florida right now.This means that there is a low real estate supply. Ifyou are a seller, expect multiple offers for a home.If you are a buyer, prepare for a bidding war.

In this new video, Corcoran Connect founder and topbroker Jeanine Corcoran shares buyer tips on how to handle multipleoffers on a house.

  • Get fullyapproved. You can advise the seller that you will onlyneed two-and-a-half weeks, a maximum of three, to close the deal.The two things left to do are inspection and appraisal. This is astrong proposition, even if you are a Federal HousingAdministration (FHA) buyer.
  • Make offers over theasking price. According to Jeanine, sellers today normallyget $10K over the asking price. As a buyer, this means that youshould be financially prepared for this scenario even beforegetting into the real estate market.
  • Use an ‘escalationclause.’ An escalation clause indicates that the buyer agrees to pay acertain amount above the highest offer the seller receives. Theclause includes a cap on the amount the buyer agrees to pay toprevent them from paying more than what they can afford. Ask yourrealtor about how to use this when purchasing a house.
  • Offer the seller a homewarranty during pending status. Keep in mind that it hasto match the offer. Do not attempt to lowball the seller and thenuse this instead. These are all part of a home buyingstrategy.

First Time Home Buyer? More Tips On Buying A House In ASeller’s Market

  • Tell your story, including your credit score.Highlight why you need or deserve this house and especially thehard work it took to get to this point. Everyone loves aheartwarming story. But do not just focus on the emotionalaspect.

Jeanine notes that you should include the most compellingdetail—your good credit score. This is a vital detail thatyour lender or realtor cannot provide, so this should come from youif this is something you are willing to share.

  • Include your realtor’s resume. If theseller sees that your realtor has a successful sales history, itcan help boost their confidence. It lets them know that if theyaccept your offer, your realtor can get the job done.

For more insights on how to handle multiple offers, check outour YouTube channel or schedule a personalized consultation.

A Top Caliber Real Estate Agent CanHelp You Navigate Multiple Offers On A House

The low real estate supply in Florida is expected to continueinto 2021. The Orlando Regional Realtor Association noted that, as of November last year, Orlando home sales wereup 20%. Inventory, on the other hand, was down 26%.

Not a lot of people are selling their houses because many stillwork from home. Meanwhile, the low-interest rates have enticedbuyers to jump into the market now.

To help improve your chances in a competitive market likeCentral Florida, work with a reliable realtor who knows the ins andouts of the local communities. Call 407-953-9118 today to get started.

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