What to Do When There Are Multiple Offers

What to Do When There Are Multiple Offers

Get Your Financing in Order with a Washington Private Money Loan

In today’s competitive housing market, multiple bids are the norm. Offers above asking price are expected.

If you’re just starting your house search or are new to the real estate investment scene, the speed with which properties sell may take you by surprise.

When a property is listed at a “too good to be true” asking price, it probably is. Thanks to high demand, the seller is likely anticipating a bidding war.

If you only have so much to spend and find yourself continuously outbid in the real estate market, don’t give up hope. Here are six ways to set yourself up for success as an investor.

How to Make a Winning Offer

  1. First and foremost, know your budget and get pre-approved. Having financing in order will allow you to move fast and provide proof of funds to a seller when the right property comes along.
  2. Work with a knowledgeable real estate agent who has a finger on the pulse of real estate trends and the local market. And keep in mind that your agent represents you to the seller; they should be professional, respectful, organized, detailed and a good communicator.
  3. Together with your agent, gain a clear understanding of a seller’s connection to the property and motive for selling. There may be something more than money that will make your offer attractive; assurance that the home won’t be torn down, a long closing period, a leaseback. Make it clear you’re willing to be a “backup buyer,” get creative, and put your offer in even when there are multiple bids.
  4. Find ways to make it easy for the seller. Look beyond the asking price and offer to pay for title, home warranty or closing costs as other ways to increase your total bid amount.
  5. Finally, be prepared to be flexible. From your wish list to the closing date, the more you’re able to compromise or think outside the box, the sooner you’ll become a property owner.

Washington Hard Money Loans: Financing Made Easy

In today’s hot housing market, knowing your funding source is important to the success of any real estate transaction. Our hard money loan services have helped Washington real estate investors meet their goals for over three decades. Unlike conventional lenders, Gregory M. Russell private money loans are asset-based. If you have adequate equity and a plan for repayment, credit and employment history are secondary. Our loan application and approval process is simple and streamlined with minimal paperwork. You can be fully financed with cash in hand in ten days or less – positioning you for success when purchasing an investment property. We’re a great option for house flippers and rental property investors. Call 1-888-477-0444 to learn more. Ready to move forward? Check out our easy online loan request form. We look forward to working with you.