This is part 1 in my two-part series on “How to Win a Home With Multiple Offers in Wilmington, NC”. Part 2 is on tap for next week. Enjoy!
If you’re a buyer in the market to buy a home right now, it’s so tough out there. It’s dog-eat-dog. The inventory and interest rates are low, buyers are everywhere, and every open house has a line out the door. Buyers want to see every home that comes on the market, and they’ve got sharp elbows. How do you win a home with multiple offers in Wilmington, NC?
You’ve to to set yourself apart from the crowd and get the seller’s interest. In this post, I will give you some tips that may help but keep in mind every situation is different.
Typically, newer agents aren’t in on a couple of veteran moves that could help you win a home, so please let me know if you need an agent to help you.
Offering the highest price isn’t always the only way to get the seller’s attention. I won’t disagree that it helps, but the terms also matter when comparing two offers at the same price.
Any good real estate agent will tell you that the seller is looking for the best “net proceeds” from the sale of their home, generally speaking.
Aside from the price, what can you offer the seller?
Offering to pay their closing costs is one strategy. Paying seller closing costs increases the seller’s bottom line. While it may be customary to split costs with the seller, the market right now dictates a more aggressive approach.
Including an escalation clause in your offer could help. Combine that with paying all costs, and you’ve got a pretty good offer right out of the gate. An escalation clause could read like this:
“Buyer to pay $1000 over the highest offer, with evidence, not to exceed “X.”
The “X” represents the highest price you’re comfortable paying for the home.
Moving is stressful. No one disagrees with that. How can you make this easier for the seller who has years of stuff to sort through? Give them more time.
Usually, the new buyer takes possession of the home when the sale closes. What if the buyer had a couple of weeks or a month of free rent to get moved? How do you think you’d feel if you saw an offer like that? Faced with the daunting task of moving, most sellers appreciate a little more time than the 30 to 45 days it takes to get a home sold. It shows the sellers that you’re thinking about them.
This is the end of Part 1. Stay tuned for Part 2 next week!
If you’re looking for a home in Wilmington, NC, please don’t hesitate to call me. I can help you find the right home for you. Please click here for my contact page.
Thanks for visiting!