5 Things to Do When Bidding on Multiple Offers On Windsor Property

Posted in Buyer Blog | 24/05/2012

Windsor Property

Windsor Property

It never fails when you are bidding on a Windsor Property that you love – the owner has received multiple offers!  How does a buyer compete with other buyers?  It is heartbreaking for a buyer when they discover that they have been outbid on a home that they imagined living in for years to come.  In this housing market, most buyers are under the impression that homes are languishing on the market begging for offers.  This is not often true and many homes do entertain multiple offers.

Since it is a Buyer’s Market, usually a selected bid in a multiple offer case is often, though not always, less than the listing price and you are dealing with far less bidders.  In a Seller’s Market, the bid is often higher than the listing price and you are competing with several buyers.  Here is what you can do to make your bid stand out in today’s buyer’s market for your Windsor property.

1.  Sell Your Home First:  If at all possible make an offer without any contingencies.  Sell your home, have a pre-approval letter and be ready to act once you submit your bid.

2.  Do Some Research:  Ask your real estate agent what is important to the seller when making your offer.  Do they want a quick escrow?  Maybe they want to stay in the home for the holidays?  See if this is something you can work with.

3.  Be Considerate:  Remember, with several offers on the table, now is not the time to be greedy.  Chances are, you won’t have your closing costs paid, or you can’t ask for the antique chandelier that you saw hanging in the dining room.  Perhaps even consider paying what sellers normally pay for, like the escrow fees or title policies.

4.  Write A Letter:  This has been done countless of times and often works when a seller is reluctant to sell a home but needs to.  Usually, a couple downsizing that is selling their home that has been in the family for years particularly want to make sure the home goes to a loving family. Write a letter expressing your desire to raise your family in their loving, well kept home.

5.  A Final Tip:  If you are certain that you have found the Windsor property of your dreams, then by all means, make an offer as soon as you possibly can to avoid a multiple bid situation.  It never fails that once you bid on your dream home, the seller is often hit with other, sometimes better offers.

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