What’s the Secret to Submitting a Winning Offer in a Competitive Market?
The Albuquerque real estate market is hot right now. In fact, the market is so competitive that many buyers are getting frustrated by the amount of bidding wars going on. To help you avoid missing out on your dream home, I want to share some tips on how to make your offer more desirable in a multiple offer situation and win a bidding war.
- Make sure you’re pre-qualified: Buyers don’t want to waste time, so they will often skip over an offer that doesn’t have a pre-qualification letter along with it. Not only do they want a pre-qualification letter, they want it from a reputable lender. With many changing regulations in lending right now, listing agents want to make sure that the lender you choose can get the job done in the shortest amount of time possible.
- Make sure you’ve been saving up your down payment: This is crucial, as failure to do so can slow down closing substantially. It’s important to have your down payment ready and know where it’s coming from ahead of time.
- Write an offer with negotiating verbiage: Leave room to negotiate with the seller. Let the seller know that you may be willing to go higher than other offers if necessary.
- Think about the terms of the offer: Different sellers pay attention to different offer structures. Some sellers only think about the bottom line, while others are looking for terms that accommodate their moving schedule. We’ve seen deals fall apart that have the right amount of money included on the offer, but didn’t have the amount of closing costs structured in a way that appeals to sellers. We can help with this!
If you have questions about how to win a multiple offer situation, or if you would like our assistance putting together an offer, please don’t hesitate to reach out to us. We would love to hear from you!