How to Win Multiple Offer Situations

Perspective from an Experienced Realtor

Anchorage’s real estate market continues to remain stable, however, inventory for condos, town houses and single family homes remains low. With the end of school drawing near and trees starting to bud, buyers looking for the best real estate listings are hoping for another spike in housing inventory. Low inventory results in multiple offers on properties, with the winning offer often coming in higher than asking price. This is especially true in hot neighborhoods such as Rogers Park, Turnagain View and Downtown Anchorage.

What to include in a multiple offer situation:

Once you have found your dream home, together we will craft a clean, straight forward offer.  A non-contingent offer asking for no concessions coming from a buyer who can supply a solid pre-approval from a reputable lender is appealing to sellers. A personal introductory letter can help, but the bottom line is, money talks. It may be worth including an escalation clause (up to a certain level). This is often the icing on the cake in getting your offer accepted and sets our clients apart from the pack.

“Escalation clause” is a clause in a contract that allows for an increase or a decrease in wages or prices under certain conditions.

A lot goes into multiple and competitive offers.  An experienced realtor can make all the difference in helping you navigate your way while giving you a better chance of securing your dream home! Contact The Julie Erickson Team to help make yours the WINNING OFFER!

Get prepared for the process of buying a home

  • Contact your lender and get pre-approved prior to home shopping.
  • Start saving for your down payment NOW.
  • Pay down credit card debt.
  • Put your current home on the market and get it sold. Renting for a month or two puts you in a better position than buyers contingent buyers.
  • Contact us to review Anchorage housing market data and start searching for your new home.

Heads Up: Appraisal Process

One of the steps in the closing process after your offer has been accepted includes having the the property appraised. In most cases, in order for the lender to provide financing, the property must appraise at or above the agreed to purchase price. Appraisers look at the most recent 6 months of sales to help them determine current market value.  As experienced realtors, we present our case to the appraiser for the purchase price . The fact the property went into multiple offers helps. However, if the appraiser is unable to find comps in the area there is a chance the value might come in lower than anticipated. At that point, seller and buyer must renegotiate, adding more time onto the closing time.

Scared of having to deal with multiple offers? Don’t be paralyzed by FOMO (the Fear of Missing Out.) Call us today to make a winning offer on your dream home!