How to Deal with Competing Offers
In an ideal world, you’d be the sole buyer making an offer on a given home. Thus, you’re virtually guaranteed to clinch the sale if the seller accepts your pricing.
However, this is not always the case. It is very usual for rival bids to be made on a highly coveted property.
So what do you do if a rival offer is made on a house you desire?
To begin, do not panic. Simply because another buyer is interested in the property does not mean you will not get it. Numerous variables contribute to a seller’s choice to accept one offer over another.
For instance, sellers are often wary of bids from purchasers who lack a pre-approval mortgage or have not listed their own house.
Offers that are conditional on these variables are often a red sign. Most sellers will quickly accept an offer contingent upon a favorable house inspection. However, if the offer has additional rigorous conditions – such as the buyer selling his own property at a certain price or the buyer getting sufficient financing – many sellers may be hesitant to accept the offer.