Win the multiple contract bid!
Are there multiple contracts happening in real estate? In some markets, yes!
You might remember in the real estate boom a few years ago, that hot properties and some not-so-hot properties were receiving multiple bids. The ‘bidding wars’ are less common now, but they’re still happening in some markets.
If you are faced with multiple contracts on a property you would like to buy, how do you win? For that… We turn to Elisabeth Blakeslee, a REALTOR® with Coldwell Banker Residential Brokerage, in Washington DC.
She suggests that to win, your offer needs to be clearly superior to every other offer.
How do you do that?
- Put down the biggest, earnest money deposit that you possibly can. If you don’t win, don’t worry. Your check won’t be cashed.
- Write a clean contract, with as few conditions as possible (hint: try to do a home inspection before writing the contract so that you don’t have that roadblock to a seller’s peace of mind)
- Find out what the seller needs, and try to give it to them. For instance, if they need to close before the first of the month, make it happen!
And, finally… talk to a REALTOR® who is skilled in competitive negotiations — this could be your edge to winning the deal!
