How To Win in a Multiple Offer Situation

Susie Kay
Published on April 14, 2018

How To Win in a Multiple Offer Situation

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If you are a home buyer in Dallas Metro, I’m sure you have heard from your friends or relatives that the housing market is very tight and multiple offers are very common. Often times after several unsuccessful offers, buyers ended up giving up. So what can we do? Recently I made an offer for my buyers, but we learned from the listing agent that we were already in a multiple offer situation. The seller also specifically asked for a pre-approval letter and not a pre-qualification letter.  *See the difference between pre-approval letter and pre-qualification letter Before creating the offer, I called the listing agent and asked what was important to the seller. Then, after discussing with my buyers, we crafted our offer based on the seller’s preferences. In addition, we made a clean offer, put a short option period, and offered above the list price with a strong earnest money. One thing that was concerning when creating this offer was the letter that we had. It was a pre-qualification and not pre-approval. I communicated that to my buyers and they immediately informed the lender. Unfortunately, the lender was advised by their attorney not to update the letter. Knowing that we were now at a disadvantage, I started asking my buyer more detailed questions: how long they had been working, the company the work in, the same line of jobs, recent promotions, etc. I also asked my buyers to write a letter about themselves so they were not just another offer to the seller, but they were people that seller could relate to. I also asked for the lender’s cell phone so the listing agent/seller could call during weekends or off hours. Then, when submitting the offer and all related documents, I prepared a nice introduction letter to the seller and listing agent. Lastly, I picked up the phone and called the listing agent. I explained our offer, why we still send a pre-qualification letter despite seller’s request for a pre-approval letter, who my buyers were, and that seller could call the lender anytime. The hard work paid off. This home is now sold and closed, and my buyers are thrilled to be the new owners. We won the bid out of 10 competing offers, and when I asked the listing agent why the seller selected us, she said it was a combination of everything. If you are a homebuyer, don’t be deterred by multiple offers. I have helped many of my buyers get their home and I can do the same for you!  I’m honored to have the opportunity to earn your business.
Susie Kay, Realtor®
Seniors Real Estate Specialist (SRES®)
Certified Home Stager (CHMS)
Accredited Buyer’s Representative (ABR®)
Graduate Realtor® Institute (GRI)
Residential    l    Commercial     l    Investment
Phone: 469-371-2899
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How To Win in a Multiple Offer Situation
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