Q: What are some of the intangible reasons that a buyer can win a bidding war?
If you’re a buyer and you’re entering into a multiple offer situation and trying to be as competitive as possible there are some intangible things you can do to help enhance your offer in the eyes of the seller. One of the most important things to do is to be the first one in the door. There are countless times that that makes a difference and having your agent continually checking in with the listing agent keeps you up front and center in the sellers’ minds. The other thing you can do is write a personal letter to help describe more about who you are, why you love the house, and how you’ll take great care of it after moving in. Some of those intangibles can mean a great deal to a seller that’s been there for 23—30 years and has raised their own kids in the house. Some other intangibles that you can do is have your lender call the listing agent on your behalf. That just is going an additional step of having someone else vouch for your credibility and the intent and the seriousness you have in moving forward with the commitment of buying this home.
Q: How can you give sellers confidence that you are the best buyer to get the deal closed?
A good way to give a seller confidence that you’re going to get your transaction closed and get it closed on time is to simply have a very knowledgeable and experienced real estate agent representing you as well as your loan officer and have them vouch on behalf of you. If they’ve done a lot of business and a lot of transactions in a competing market they should already have a very good reputation about getting transactions closed on time. The other good thing as a buyer, where you can step in and really make a difference, is to be in communication constantly with your agent, reassuring the seller and the listing agent that you’re taking all the steps necessary to get your loan approved and to get through the process so that you’re ready for closing.