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Multiple offers: Tips for buyers making bids

NEW YORK – June 3, 2015 – Sellers with more than one offer will pick the "best" one, though "best" is an undefined term – in the case of an offer, it's all in how the sellers view it.

Buyers hoping to win a bid should consider all the variables and plan accordingly. Some things to consider when talking to buyers:

• • Earnest money. In general, the more money a buyer is willing to put on the line, the more appealing the offer will be to the seller.
  • Strength. Buyers should submit their highest offer first. If that offer fails, they'll know they tried their best.
  • Market value. Some sellers price their home low in order to attract multiple bids. If a buyer balks at offering a price that's higher than the asking price, compare the offer to nearby home values. Even an over-the-asking-price offer could be a bargain for that neighborhood.
  • No contingencies. Sometimes they're necessary, but the fewer the better.
  • Keep it simple. Little requests could irritate a seller, such asking for a home warranty or termite bond.
  • Closing costs. Sellers with multiple offers often look at the bottom line – how much would I actually receive from each of these offers? In some cases, a request to pay extra closing costs could hurt.
• . - To see more: click on this article.

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