Chicago Multiple Offer Scenarios Still Can Happen!
Real estate market changes can be sudden or slow. No matter how the broader market shifts nationally or locally here in Chicago, certain types of properties or price ranges can still result in a multiple offer scenario.
Buyers: never fear! If you fall in love with one of these highly desired homes, there are strategies that will help your offer stand out that DON’T involve simply offering more money.
Go beyond the pre-approval letter
The more prepared you are, the better. To get ahead, be the buyer who’s further along in the loan process BEFORE you make an offer. This means preparing all the documents your lender needs when it’s time to approve the mortgage: tax returns, W2s, pay stubs, bank statements, etc.
Find a 24/7 mortgage broker
Did you know there even was such a thing? Time is always “of the essence,” so working with a mortgage professional who is available on weekends can help when a quick turnaround is critical. That way, if you put an offer on a house on a Saturday or Sunday, your lender can contact the seller’s real estate agent directly to assure the sellers that you’ll be able to close quickly and on time if they choose your offer!
Write a love letter
Personal letters can actually work! Such a letter might include a brief intro to you and your family (and don’t shy away from including a fun fact or two to make it personal). It would go over the unique details you like about the house, the neighborhood, and the future you envision there. It never hurts to end with a note of appreciation of how well the sellers have taken care of the property.
Be flexible with the seller
It’s not always about the money. Timeliness matters. Closing dates matter. Maybe the seller needs to be out of the home quickly, so a brief inspection period (or waiving the inspection period if appropriate) could be decisive. Alternately, perhaps the sellers value more time to identify their replacement property and to move their household—so maybe a 60-day or 90-day close would be most attractive. Your agent should be speaking to their agent prior to writing your offer to find out which terms other than price matter most to the owner—I always look for that kind of background data.
Being in a multiple-offer situation needn’t end in tears—the right agent guiding the process can make all the difference. Call me anytime to discuss your search!