What's the Secret to Surviving Multiple Offer Situations in Greensboro?

Triad Real Estate Podcast with Andy Leung

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As the Greensboro market continues to heat up, multiple offers have become more common. Today, we want to discuss how this topic affects both buyers and sellers.

As a buyer, it's important to understand that cash isn't always king. You need to make sure your agent asks the seller or the seller's agent what terms or conditions could help sway the seller in the direction of your offer!

Writing a personal letter and sending a picture of your family may get the seller to emotionally connect with your offer.

Additionally, having a pre-approval letter included with your offer will let the seller know you're a serious buyer. Remember, a pre-approval is not the same as a pre-qualification; a pre-approval is what you get when you turn in all of the documentation a lender needs to approve the loan, while a pre-qualification is the initial phone call to a lender.

What can you do as a seller to prepare for multiple offers? We recommend getting your home pre-appraised and pre-inspected to give you more time to deal with your home's potential defects and find a third-party to support your price. The buyer will be more confident and you as a seller will have more realistic expectations for the deal.

As a seller, you have to walk a fine line between accepting an offer too fast and waiting too long. Most often, our team sets a deadline for all parties to submit their offers and tells them to make it their highest and best. When selling, understand that the best offer isn't always the one that offers the most money. There are other terms that could be very important to you: closing date, type of financing, due diligence period, and the amount of deposits, among others. Does taking the offer with the most money cause more stress? If the answer is yes, you may want to look at another offer!

If you have any questions about this topic, or if you need real estate assistance of any kind, give us a call or shoot us a quick email. We're always available to make your life in real estate as smooth and stress-free as possible!