Home Size1,033 sq ft
Days on Market1
Buying a Home in Overland Park? How to Win with Multiple Offers
If you are buying a home in the current Overland Park market, you will more than likely get involved in a multiple offer situation. What does that mean? You may find the house of your dreams only to discover that there are 3 other offers on the house already. At that point, if you really want that house, there are a few things you can do to get in a better position to be the winning contract. If that happens to you, what will you do to make sure the seller picks you over the other buyers making an offer?
One of the first ways to win over the heart of the seller is to address their fears. When multiple offers are written, they all must be presented to the seller. It’s the seller’s choice which offer to accept. In order to get the attention of the seller, you must reach out and show your strengths as the best buyer.
What can you do to stand out from the other offers on the table?
- Be preapproved. A full preapproval from your lender versus a prequalification will give you a leg up on many of the competing offers. With every letter from a lender, there are typically multiple conditions for closing. Get your loan paperwork done early to remove as many of those loan contingencies as possible.
- Write a substantial earnest deposit check (it’s a credit back to you at closing). This indicates you are a serious buyer who really wants the house. It shows good faith to the seller.
- Remove any extras from your offer. Don’t ask for the sellers to pay for your home warranty. You can pay for that yourself at closing.
- Make sure your agent talks to the listing agent to find out the perfect date the sellers want to move and write that date into your offer as the closing date.
- Write a short letter to the seller expressing your love for the house, how you can see yourself living there and how you’ll create your own lasting memories
This is also where your buyer’s agent shines if she can get the listing agent on her side. All Realtors want the best for their clients but they also want a co-op agent who will do their share and make things go as smooth as possible. “My way or the highway” types of agents don’t fare well when working with other agents. Each party has to be willing to give to get. It has to be a win-win for everyone in a real estate transaction – especially in a multiple offer situation in Overland Park.
To get started on your home buying journey, sign up for our FREE 1st time Buyer Workshop in Overland Park on Tuesday night, May 26th. You can start your home search here. Or get my FREE GPS mobile app to find out more information about any home for sale.
If you are thinking about buying a house and would like to know more about what you can do to be the winning offer the seller accepts, call me at (913) 515-3250 or contact me here.
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(all data current as of 7/19/2019)
Listing information deemed reliable but not guaranteed. Read full disclaimer.