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Recently, Bucks County has been hot! In fact, there is so much activity right now that we're seeing something we haven't seen in years: multiple offer situations!
While sellers love receiving multiple offers, these situations can be very stressful for buyers. However, there are strategies that can help you make your offer stand out in a crowded market. Here are some quick tips:
- Don't go crazy: No house is worth overextending yourself for, especially if it's going to put a substantial financial burden on you.
- Escalation clauses: If you really love the home, you can include an escalation clause in your offer. This clause states that you will pay the amount of any competitive offer plus, say, $1,000 more. There is typically a cap that can be reached in an escalation clause, so you limit the amount of money you'll pay and sacrifice some negotiating leverage.
- Write a letter to seller: A better option than an escalation clause, or one you can use in tandem with it, is writing a personal letter to the seller. Letting them know how much you like their home and how important it is to you and your family could go a long way toward making your offer look a whole lot more appealing.
- Complete pre-approval: Make sure your mortgage lender is as tight and thorough as possible. This will show the seller you are a serious and qualified buyer. Offering to put a lot of money down up front is also a great way to improve the look of your offer.
- Match seller's conditions: If you can match the seller's preferred closing date and other conditions, you can make your offer look better than the competition without having to offer the highest price. Coordinating conditions with the seller is huge!
- Work with a good agent: If you don't know how to negotiate and read market trends and conditions, you might find yourself missing out on the home of your dreams. In a competitive market like the one we're currently in, working with someone with experience could truly make the difference when trying to secure your dream home!
If you want to learn more about getting your offer accepted, or if you would like to learn more about how our team can help you, give us a call or shoot us a quick email. We would love to hear from you!
