So, what do you do if there’s a competing offer on a home you really want?
First, don’t panic. Just because there are other buyers interested in the property doesn’t mean you won’t get it. There are many factors that influence a seller’s decision to choose one offer over another.
For example, sellers are generally skeptical of offers from buyers who do not have a pre-approved mortgage, or have not yet put their own home on the market.
Conditional offers based on these factors are often a red flag. Most sellers will readily accept an offer conditional on a satisfactory home inspection. However, if there are other more stringent conditions – such as an offer conditional on the buyer selling his own home for a particular price, or an offer conditional on arranging satisfactory financing – many sellers will be reluctant to accept the offer.
Of course, it isn’t always possible to avoid including these kinds of conditions. That doesn’t mean you won’t get the home. A solid presentation of the offer along with my skilled negotiation can make all the difference.