In today’s Boston condo blog, we discuss how to win a bidding war with multiple offers for a Boston condo.
Following these tips will help you beat other Boston condo buyers out in a multiple bid scenario, which you’ll most likely see this summer especially in the under $500,000 price range. In this Boston sellers’ market, it’s not surprising if you find yourself in a multiple offer situation. You need to know what you can do to give yourself an advantage over other buyers when it comes to multiple offers on a condominium. This won’t work with bank owned properties because they usually want the highest and best offer.
In this video, we are talking more about traditional sales in Boston real estate. There are four things you can do to crush the competition if you find yourself in a multiple bid situation.
First off, your agent has to present the offer and keep that offer clean. Don’t overcomplicate the contract by clouding it up with several specific requests.
Secondly, have your buyer write a clause in the contract to escalate the price. There are some states that do not allow this, but if you are able to do it in your state and the agent knows what they’re doing, this can be very effective for winning with multiple real estate offers.
Thirdly, write a letter to the seller. Tell them a little about your family and why you like the home. Keep it short and sweet. This really makes your offer stand out and it can be incredibly effective.
Lastly, if you are getting a loan, have your lender call the other agent. Having the lender make the first step by calling the listing agent will give them confidence in you as a buyer. Remember the seller and the listing realtor want to know if their buy is ready, willing, and able. As a home buyer, be sure to utilize these four tips because they will definitely help you with learning how to win a multiple offer situation.
