{"id":8191,"date":"2018-02-12T11:11:06","date_gmt":"2018-02-12T19:11:06","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=8191"},"modified":"2018-02-06T13:43:03","modified_gmt":"2018-02-06T21:43:03","slug":"when-multiple-offers-are-on-the-table","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/02\/when-multiple-offers-are-on-the-table\/","title":{"rendered":"When Multiple Offers Are on The Table"},"content":{"rendered":"<p style=\"text-align: justify;\">The reality of today\u2019s market is that in many cities and at certain price points it is a full-on sellers\u2019 market. When a house is properly priced, you should expect multiple offers to be sent to the seller in a matter of a couple of days. This is very discouraging for buyers that have been in the market for a house for some time but keep in mind that someone is going to win the bidding war. With a good strategy, you greatly improve your chances of being that winning bidder.<\/p>\n<p style=\"text-align: justify;\">\u25fe First and foremost, you have to be preapproved for a loan. Being prequalified isn\u2019t going to cut it when the seller has three other offers from preapproved buyers.<\/p>\n<p style=\"text-align: justify;\">\u25fe Your buyer\u2019s agent should have experience negotiating when multiple offers are on the table. He or she needs to have extreme knowledge of the local market and the skill to learn what is of particular importance to this particular seller. Your agent should know when it\u2019s appropriate to bid above the asking price and within a few dollars of what the house will appraise for.<\/p>\n<p style=\"text-align: justify;\">\u25fe Both you and your agent need to know the market. Especially how fast prices are increasing and what very recent comparable homes have sold for. If you truly want the home and are expecting a bidding war, you might want to offer more than the asking price because multiple bids are going to drive the price there anyway.<\/p>\n<p style=\"text-align: justify;\">\u25fe Be prepared to bridge a gap between the appraisal price and the selling price. In a hot market it might only take a few months for the appraised value to come up to the higher sales price. If you have the cash, you are in a position to pay cash for the amount between the appraisal and selling price.<\/p>\n<p style=\"text-align: justify;\">\u25fe Write your best offer from the beginning. It\u2019s not likely you\u2019ll be negotiating the price down so your strategy should be to create a clear gap between your offer and other offers that are trying to negotiate downward. Sometimes sellers deliberately set a price below comparable sales in an effort to generate multiple offers, so paying a little extra doesn\u2019t necessarily mean you are paying over market value.<\/p>\n<p style=\"text-align: justify;\">\u25fe Offer a large earnest deposit. We\u2019ll get to contingencies in a moment but if you back out or the deal falls through for a reason not covered by contingencies, the seller gets to keep the earnest money. You don\u2019t pay the earnest money until the seller accepts your offer but putting higher than customary earnest money in your offer tells the seller that you really want the home. Your earnest money applies to your down payment at closing. If you are planning to bridge the gap between the appraised value and selling price, putting some of the bridge money into the earnest money is very convincing to the seller.<\/p>\n<p style=\"text-align: justify;\">\u25fe Be careful to minimize your contingencies. Talk with your agent about whether you can or should waive any contingencies. Always get a home inspection but have your home inspector on speed dial. Most home inspection contingencies allow 10 days to have the home inspected and for you to accept or reject the inspection. Shorten your contingency to 5 or 7 days. The advantage to the seller is that if you reject the house based on the inspection, they can quickly turn to offer number 2. If the home does need repairs for your lender to approve the loan or to meet your needs, be careful what you ask the seller to pay for.<\/p>\n<p style=\"text-align: justify;\">\u25fe Be flexible about the closing date. There may be multiple deals in work. The sellers might be buying another home contingent on selling their current home. The seller could need to take possession of their next home quickly or they might need to stay in their current home a little longer. Or the seller might quickly need cash from the sale for another reason. This is one place where a good agent will know the particular needs of the seller. In a close bidding war, you being flexible about the closing date can swing the deal in your favor. Be prepared if the seller asks to change the closing date after the final purchase agreement has been accepted. This is another contingency that you can wave.<\/p>\n<p style=\"text-align: justify;\">\u25fe Of less importance but helpful in some cases is writing a personal letter to the seller telling them why you love the home, how much you appreciate any upgrades they made, and how you\u2019ll take good care of the home. The seller might love the home also and want it to go to the right buyer.<\/p>\n<p style=\"text-align: justify;\">If the market you are in is extremely tight, you might not win your first bidding war. However, you will become better at it with each offer you submit and be able to refine your strategy.<\/p>\n<p><a href=\"http:\/\/realtybiznews.com\/how-to-improve-your-chances-as-a-buyer-when-multiple-offers-are-on-the-table\/98746687\/\" target=\"_blank\" rel=\"noopener\">How to Improve Your Chances as A Buyer When Multiple Offers Are On The Table<\/a> by Brian Kline | Realty Biz News<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The reality of today\u2019s market is that in many cities and at certain price points it is a full-on sellers\u2019 market. When a house is properly priced, you should expect &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/02\/when-multiple-offers-are-on-the-table\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-8191","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>When Multiple Offers Are on The Table &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2018\/02\/when-multiple-offers-are-on-the-table\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"When Multiple Offers Are on The Table &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The reality of today\u2019s market is that in many cities and at certain price points it is a full-on sellers\u2019 market. When a house is properly priced, you should expect &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/02\\\/when-multiple-offers-are-on-the-table\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/02\\\/when-multiple-offers-are-on-the-table\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"When Multiple Offers Are on The Table\",\"datePublished\":\"2018-02-12T19:11:06+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/02\\\/when-multiple-offers-are-on-the-table\\\/\"},\"wordCount\":843,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Real Estate\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/02\\\/when-multiple-offers-are-on-the-table\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/02\\\/when-multiple-offers-are-on-the-table\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/02\\\/when-multiple-offers-are-on-the-table\\\/\",\"name\":\"When Multiple Offers Are on The Table &#8226; Rory C Real Estate | Oakwyn Realty\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\"},\"datePublished\":\"2018-02-12T19:11:06+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/02\\\/when-multiple-offers-are-on-the-table\\\/#breadcrumb\"},\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/02\\\/when-multiple-offers-are-on-the-table\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/02\\\/when-multiple-offers-are-on-the-table\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"When Multiple Offers Are on The Table\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\",\"name\":\"Rory C Real Estate | Oakwyn Realty\",\"description\":\"Rory C Real Estate Updates | Home Selling &amp; Buying\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-CA\"},{\"@type\":[\"Person\",\"Organization\"],\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\",\"name\":\"Rory Clipsham\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-CA\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"contentUrl\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"width\":504,\"height\":504,\"caption\":\"Rory Clipsham\"},\"logo\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\"},\"sameAs\":[\"http:\\\/\\\/www.roryc.ca\\\/\",\"https:\\\/\\\/www.facebook.com\\\/pg\\\/BurnabyandCoquitlamHomes\\\/about\\\/?ref=page_internal\",\"https:\\\/\\\/www.instagram.com\\\/roryclipshamhomes\\\/\",\"https:\\\/\\\/x.com\\\/RoryClipsham\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"When Multiple Offers Are on The Table &#8226; Rory C Real Estate | Oakwyn Realty","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.roryc.ca\/blog\/2018\/02\/when-multiple-offers-are-on-the-table\/","twitter_card":"summary_large_image","twitter_title":"When Multiple Offers Are on The Table &#8226; Rory C Real Estate | Oakwyn Realty","twitter_description":"The reality of today\u2019s market is that in many cities and at certain price points it is a full-on sellers\u2019 market. When a house is properly priced, you should expect &hellip; [read more]","twitter_creator":"@RoryClipsham","twitter_site":"@RoryClipsham","twitter_misc":{"Written by":"Rory Clipsham","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.roryc.ca\/blog\/2018\/02\/when-multiple-offers-are-on-the-table\/#article","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/2018\/02\/when-multiple-offers-are-on-the-table\/"},"author":{"name":"Rory Clipsham","@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"headline":"When Multiple Offers Are on The Table","datePublished":"2018-02-12T19:11:06+00:00","mainEntityOfPage":{"@id":"https:\/\/www.roryc.ca\/blog\/2018\/02\/when-multiple-offers-are-on-the-table\/"},"wordCount":843,"commentCount":0,"publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"articleSection":["Real Estate"],"inLanguage":"en-CA","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.roryc.ca\/blog\/2018\/02\/when-multiple-offers-are-on-the-table\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.roryc.ca\/blog\/2018\/02\/when-multiple-offers-are-on-the-table\/","url":"https:\/\/www.roryc.ca\/blog\/2018\/02\/when-multiple-offers-are-on-the-table\/","name":"When Multiple Offers Are on The Table &#8226; Rory C Real Estate | Oakwyn Realty","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/#website"},"datePublished":"2018-02-12T19:11:06+00:00","breadcrumb":{"@id":"https:\/\/www.roryc.ca\/blog\/2018\/02\/when-multiple-offers-are-on-the-table\/#breadcrumb"},"inLanguage":"en-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.roryc.ca\/blog\/2018\/02\/when-multiple-offers-are-on-the-table\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.roryc.ca\/blog\/2018\/02\/when-multiple-offers-are-on-the-table\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.roryc.ca\/blog\/"},{"@type":"ListItem","position":2,"name":"When Multiple Offers Are on The Table"}]},{"@type":"WebSite","@id":"https:\/\/www.roryc.ca\/blog\/#website","url":"https:\/\/www.roryc.ca\/blog\/","name":"Rory C Real Estate | Oakwyn Realty","description":"Rory C Real Estate Updates | Home Selling &amp; Buying","publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.roryc.ca\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-CA"},{"@type":["Person","Organization"],"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7","name":"Rory Clipsham","image":{"@type":"ImageObject","inLanguage":"en-CA","@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","url":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","contentUrl":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","width":504,"height":504,"caption":"Rory Clipsham"},"logo":{"@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg"},"sameAs":["http:\/\/www.roryc.ca\/","https:\/\/www.facebook.com\/pg\/BurnabyandCoquitlamHomes\/about\/?ref=page_internal","https:\/\/www.instagram.com\/roryclipshamhomes\/","https:\/\/x.com\/RoryClipsham"]}]}},"_links":{"self":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/8191","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/comments?post=8191"}],"version-history":[{"count":1,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/8191\/revisions"}],"predecessor-version":[{"id":8192,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/8191\/revisions\/8192"}],"wp:attachment":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/media?parent=8191"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/categories?post=8191"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/tags?post=8191"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}