There’s no guarantee that you’ll be able to get the house of your dreams without dealing with a bit of competition. Depending on where you’re looking, you could even face some stiff competition if there are a lot of other buyers around but not enough homes for sale.
When you’re up against multiple home offers, you can increase your chances of getting the winning bid by following these tips:
- Don’t be tempted to waive the “must appraise” clause. Some buyers think this makes their offer stronger than the competition, but it can actually hurt their offer.
- Waive the financing contingency. When you do this, it lets the seller know that you’re not relying on backup funds to cover the cost of buying the home if you can’t afford to do so. This doesn’t mean you can can’t get a loan, but it’s highly important to include a term stating that you’ll be applying for one, if you’re going this route for financing. You’ll also need a pre-approval letter to show the seller.
- Make a cash offer. This is the best way to deal with multiple home offers. A cash offer will immediately elevate you above the competition because it’s the most appealing option for sellers. Of course, you have to make sure you have the money set aside to do so.
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