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November 30, 2015

How my buyers usually win in Multiple Bid Situations

Filed under: Center City Real Estate,For Buyers,Of Interest to Buyers,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 11:02 am

When a great condo at a great price hits the market, there can be some serious competition to buy that condo- at say Penns Landing Square condos. Buyers duking it out with other buyers. Here are my top secret steps to winning a multiple bid situation for my buyers…. if my buyers agree:

  1. I make sure I dot my i’s and cross my t’s in the offer itself- sloppy offers beget sloppy responses.
  2. I call the listing agent and ask specifics that will fit the seller’s need- Like what would be the perfect date for the seller to settle?
  3. I have the buyer write a nice note about how much they love the condo they are in contention for and explain why they are making the offer. Sounds silly- but that little trick goes a long way.
  4. In that note (see #3 above) I have the buyer’s explain that they have seen the age of the heater, the age of say the kitchen or the windows and let the seller know that these factors were already taken into account and that the buyer does NOT intend on coming back after the home inspection and attempt to have the seller repair the items that we ALREADY know are potentially deficient.
  5. Finally, I find out who the listing agent uses for a mortgage and title company. Then I get a prequalification letter from THAT mortgage company. In essence, it turns my buyer’s offer into a cash offer as listing agent will have NO qualms about my buyer’s ability to qualify for a mortgage. And if we have to use the seller’s title company- then so be it.

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