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10 tips buying in a multi-offer market

There is a lot of demand and very low inventory in the Phoenix Valley right now. Many homes are getting multiple offers within days of being on the market. Having an agent to negotiate the best terms couldn’t be more important in a multi-offer market. I From when to write in an escalation clause to waiving appraisals. Most importantly having an agent the knows the market could save you thousands.

1. Work with an agent with multi-offer market experience.
 
2. Get pre-approved for a mortgage so the seller knows you’re financially reliable.
 
3. Understand the market so you can offer an attractive price that’s also fair.
 
4. Exceed the list price in your offerMost sellers take the highest and best offer.
 
5. Drop unnecessary contingencies to make the process easier for the seller.
 
6. Be flexible on the closing date, again to make the process easier for the seller.
 
7. Offer more earnest money so the seller knows you are truly serious. This is money the seller keeps if the deal falls through due to something outside the contingencies, such as a buyer backing out.
 
8. Provide additional financial information to prove your ability to finance the home.
 
9. Write a personal letter to the seller. It is important to stay away from fair housing protected classes (race, color, religion, sex, disability, familia status, or national origin).
 
10. Negotiate lightly. Don’t put yourself out of a deal by requesting tedious home improvements or drawing a hard line.
 
For more advice, check out the list of articles at the bottom of this page.
In a multi-offer market you will need to be prepared to make a competitive offer. These are the top 10 tips for buyers to consider when making an offer.
What to know in a multi-offer market.

Buying in Arizona

If you are a first-time buyer check out our main page for the basic home buying steps and let’s set up a time to review your options! www.AudreyTolley.com

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