The Stern Team: How to Compete in Multiple Offer Situations
Channel: The Stern Team | KW Salt Lake City Real Estate
Date: 2017-08-02

Inventory is extremely tight right now. There aren’t a lot of properties out there to choose from, which means buyers are being forced to compete for homes. But when it isn’t uncommon in our market for a listing to see 30 or more offers, how can you stand out? Sometimes, it might seem like the easiest thing to do is to walk away. However, don’t give up hope yet. I have some key tips that can help. To learn more, watch my latest video. 

Learn more: http://sternteam.org/how-to-compete-in-multiple-offer-situations.html

ABOUT: 
Looking to buy, sell or invest in a home to live in Salt Lake? Joshua Stern and his team are here to ensure you have an excellent real estate experience. Built in 2002, The Stern Team continues to build our business based upon the same business philosophy we started with, “People don’t care how much we know, until they know how much we care”. With full time dedicated staff, and the “best of the best” agents, we know how to help our clients with their home selling, home buying or real estate investing goals. Ask us about our Worry Free Service Guarantee®, which puts our clients in the driver’s seat. No long term contracts or fear of obligation.

Whether you're downtown, uptown, metro or mountain, Josh’s unique V.I.P. Buyer System guarantees our clients access to properties that match exactly what they’re looking for, literally as they come on the market. Our property lists include homes from EVERY Salt Lake neighborhoods' Realtor and Brokerage. They also include bank owned homes, government owned homes, corporate foreclosures and our own very special PRELIST properties that are not even on the market yet.
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Joshua Stern
The Stern Team
2121 S McClelland, St. #201 
Salt Lake City, UT 84106 
Phone: 801-859-7509
Fax: 801-326-8615

TRANSCRIPTION:
When inventory is tight, competition between buyers significantly increases. In fact, with as few choices as are on the market right now, it isn’t uncommon for us to see 30 or more offers on a single home. 

This can be extremely frustrating for buyers. Sometimes against that much competition, it can feel like the best thing to do is to simply give up and walk away without even making an offer.

But today I have a few tips I’d like to share with you that will help your offer stand out above the rest. 

First of all, earnest money is incredibly important. The more earnest money you put down, the more serious you will appear to the seller. In the $350,000 range, for example, the majority of buyers tend to put down $1,000 to $2,000. 

But, when your down payment on a home like that can run you $75,000 or more, why not put down the extra money to show you’re truly interested. When you get the closing table, your earnest money will simply count toward that down payment.

Putting more earnest money down won’t cost you any more than you’d already be paying for that down payment. So, why not make your offer stronger by putting down as much as you can?

Additionally, your offer will be contingent upon inspections and the approvals of those inspections. Therefore, you can be sure your money won’t vanish if something about the property isn’t as it should be. 

Secondly, approval letters are great. However, every other buyer making an offer on the property will have one, too. So my team and I like to recommend that buyers take one extra step that we call “the golden ticket.”

When you talk to our preferred lenders, Veritas, they’ll provide you a full, free-of-charge underwriting. This document shows the seller that you are essentially a cash buyer.

Including an additional, more personal letter to the seller that explains why you love the home will also give your offer a huge boost. When you talk about your family and why the home is important to you, it makes your offer truly stand out.

Also, understand your time frame. When you already have your approval letter, you don’t need the additional 21 days it takes to go through the loan process. Talk to your lender and have them work your appraisal and inspections right out of the gate. Lining these things up ahead of time will really expedite the process.

Speaking of time, whenever you buy a house it’s natural to want to move in right away. Understand, though, that sellers have to move too. Remember not to rush the seller. Being patient and considerate of the seller is just one more thing that will help you win in this market.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.