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How To Make A Bid On A Home- In a MultiOffer Situation



BOOK A FREE PERSONAL 15 MINUTE CONSULTATION WITH LISA

If you’re trying to buy a house right now, you are quite  aware it’s slim pickings out there. And when you do find one you love, you most likely will be competing with multiple offers. 

In this hot sellers market, chances are it may take you several attempts before you are the winning bid on a home. 

Today, I’m going to give you the top 5 things you and your Realtor should do to have the very best chance of beating out your competition and be the winning bidder for your ideal home.  

 

Before we get started today, I have to warn you: 

Some of the things buyers are having to do in this crazy market to be the winning bid may not settle well with some of you. 

Afterall, we all want to feel we’re getting a “deal” ..right? 

I’m not saying you won’t.. But as a buyer competing in a multi-offer situation, you must have a ‘winners’ mindset. 

 

Obviously, Most Homeowners who are selling want to make as much money as possible.  

 

It’s nuts out there right now, and  many buyers finding out the hard way that there are buyers who will really go the extra mile for homes they love.  

You need to be armed with the best strategies when your Realtor designs your initial offer. 

That means you have to forget about making an initial offer below list price. 


As a buyer wanting to win in this kind of market, it’s something you must to come to grips with. 

When deciding on what amount to offer, make sure you are comfortable with the possibility of the home NOT appraising for the contractual purchase price.  

If you’re financing your new home, That means you may have to come up with additional cash at closing to make up the difference.

 

Your Realtor might want to put in language in your contract that translates to “Subject to the home appraising for purchase price of higher” 

This totally defeats the purpose, and will decrease your odds of being the winning bidder.  

So be very calculated when making your initial purchase price offer. 

This should be your Risk, Not the sellers. 

 

It’s also important to show the seller you are a real person. Any purchase offer must include a personal, heartfelt letter addressed to the sellers by name.  This attached letter needs to be short and well written: 

Tell them a little about yourself and your family,  

name a few features of the home you fell in love with, and end the letter with telling them you’d be honored to care for their home like they obvious have done through the years. 

Of course put all of this into your own words, but you get the idea. 

Getting back to pricing strategies ..   

 

Want to light up a sellers eyes? Put Cash in front of them! 

An all cash offer has significant advantages.  It knocks out any financing offers (provider the bid is high enough), eliminates the need for an appraisal and other standard contingencies and can close much quicker than someone who is having to apply for a loan. 


Sellers love Cash offers for another big reason too: 

With the complexity of obtaining a mortgage loan, there are things that could go wrong.  

A cash offer eliminates the possibility of being 3 weeks into the transaction, their home off the market all this time only to learn the buyers lender has to deny the loan for some reason. 

For more details about what could go wrong when financing your new home, you’ll want to check out this video where I talk about the things you should do to avoid these potential things from happening. You’ll find the link below in the description. 

If an all cash offer is not possible, and you have to finance your purchase, show as much cash as possible. 

This can be done a couple of different ways: 

One way is to forgo the standard 1% earnest money deposit. An earnest money deposit is the amount you deposit into escrow as ‘good faith’ of your intentions. This amount is deducted from your purchase price at closing. 


The more you show as your earnest money deposit, the louder you are saying to the seller “ I’m not playing, I am a serious buyer who wants to purchase your property!” 

Another way you can show more cash when financing is the amount of your down payment. 

For example: your loan approval may be for a standard 3.5% down FHA loan. If you have additional cash to put down, reflect this on your purchase contract.  This shows the seller you are financially stronger than the minimum requires. 

 

Again making the statement to the seller that you are putting your best foot forward and not afraid to show it. 


And now for the most powerful thing you can do to show the seller your intent: 

Attach an escalation clause to your purchase offer! 

In short, an escalation clause is telling the seller you are willing to increase your offer by (X) amount over the highest bidder. 

Of course there are safeguards that can be put into place like amount caps and the offered increase amounts. 

When an escalation clause is used correctly, it can be an extremely powerful tool to exponentially increase your odds of being the winning bidder. 

Unfortunately, lots of buyers agents are not familiar with exactly how to use an escalation clause, and sadly, most sellers agents are not familiar with the way they work either..   

So yep, you guess it.. Human nature says if you don’t understand something it is easily dismissed as too complicated. 


If you follow my channel, you’ve heard me say this many times: 

Knowledge is Power!  Your Realtor should know how to leverage any and all tools to convey your best offer. 


There are two parts to your offer: Price and Terms

 

Lets’ talk about what you can do to strengthen the ‘terms’ portion of your offer. 

Firstly, your Realtor needs to find out if any of  time elements of the offer is particularly important to the seller. 

For example, if the the seller needs a tight closing date..Give it to them! If your are financing, Just make sure you check with your lender first before offering a fast closing date. 

If you’ve been aggressive in the preparation stage of your home buying journey, your lender most likely can give you a tighter closing date. 

For more information about how to properly prepare to buy a home, you’ll want to check out this video. You’ll find the link below in the description. 

Also, shorten your inspection time. The standard inspection period is 10 days. Cut that by half! 

Your Realtor should have several home inspectors on speed dial and have your inspections scheduled the moment your offer is accepted.  

Every contract contingency is a potentially road block for the seller. By shortening these time elements, you are showing the seller you are minimizing the ‘nail-biting time’  all sellers dread.  

 

Some Realtors will suggest waiving the home inspection all together.  

Never waive your right to a formal home inspection, unless you are 100% confident of the condition of the home. 

It can be a little scary when deciding which bidding war strategy is best for you and your family. 

Sit down and have an in depth conversation with your Realtor to map out a plan as to how your very best offer can be designed, within your means. 

After doing these things with a winners mindset, and you still come in second place for some reason, have your Realtor stay in touch with the sellers agent. 

No transaction is guaranteed to close. In the crazy market we’re seeing some unprecedented things happen.  

Always be ready to pounce if your realtor gets wind the current offer failed. 

I hope you found this video helpful and maybe learned few things. Need a free 15 minute personal consultation with me?, just click the 'BOOK NOW' button to schedule a day and time that works best for you. I’d love to talk to you. 

  

 

 

 

 

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What my clients are saying  

My experience while purchasing my first home was the best experience I've ever experienced. With Lisa's guidance it was a stress free experience. She made sure I was comfortable and understood every step. She gave her opinion from the heart. You can tell she genuinely wanted you to have the home you desired. She is very personable and that's great when you are purchasing a large investment. I am forever grateful of her help. So if you are looking to have a wonderful experience while purchasing or selling any property Lisa Kelly Realtor is the way to go.

 

~ Candace Engram

Candace Engram ????? 18 weeks ago My experience while purchasing my first home was the best experience I've ever experienced. With Lisa's guidance it was a stress free experience. She made sure I was comfortable and understood every step. She gave her opinion from the heart. You can tell she genuinely wanted you to have the home you desired. She is very personable and that's great when you are purchasing a large investment. I am forever grateful of her help. So if you are looking to have a wonderful experience while purchasing or selling any property Lisa Kelly Realtor is the way to go.

 

~ Candace Engram

Greg Raymond ????? 43 weeks ago Finding and buying the right house can be a difficult and daunting process. When my wife and I found our home online, we needed someone local to the property to assist us as we were out of state. Lisa came recommended by a local acquaintance and she was quick to respond to our call. She was collaborative and professional throughout the process, and was attentive to our needs and questions through closing. I would certainly recommend her!

 

~ Greg Raymond

I had such a positive experience working with Lisa. Not only is she a complete professional, but such a compassionate human being. Her knowledge guiding me through the Florida real estate process was so helpful as a first-time Florida homebuyer. She was always prompt and responsive while going above and beyond. She attended all key inspections in person and kept me informed throughout the entire process. If you are looking for a great real estate experience, look no further. Lisa is your gal to get the job done. I will definitely be working with her again in the future.

 

~ DJ Bradley

I had such a positive experience working with Lisa. Not only is she a complete professional, but such a compassionate human being. Her knowledge guiding me through the Florida real estate process was so helpful as a first-time Florida homebuyer. She was always prompt and responsive while going above and beyond. She attended all key inspections in person and kept me informed throughout the entire process. If you are looking for a great real estate experience, look no further. Lisa is your gal to get the job done. I will definitely be working with her again in the future.

 

~ DJ Bradley

We can’t say enough good things about Lisa Kelly! From the moment she stepped through our front door, she demonstrated all the characteristics you want in your realtor: integrity, friendliness, optimism, thorough knowledge of her field, state-of-the-art technical savvy, unflagging energy and sensitivity to all our own needs and feelings. Our house sold in four days and we are certain this success was largely due to Lisa’s skill and hard work. We highly recommend Lisa Kelly to anyone looking for a top notch realtor!

 

~ Tom and Kim Manske

We can’t say enough good things about Lisa Kelly! From the moment she stepped through our front door, she demonstrated all the characteristics you want in your realtor: integrity, friendliness, optimism, thorough knowledge of her field, state-of-the-art technical savvy, unflagging energy and sensitivity to all our own needs and feelings. Our house sold in four days and we are certain this success was largely due to Lisa’s skill and hard work. We highly recommend Lisa Kelly to anyone looking for a top notch realtor!

 

~ Kim Manske

Kim Manske ?????Aug 21, 2020 We can’t say enough good things about Lisa Kelly! From the moment she stepped through our front door, she demonstrated all the characteristics you want in your realtor: integrity, friendliness, optimism, thorough knowledge of her field, state-of-the-art technical savvy, unflagging energy and sensitivity to all our own needs and feelings. Our house sold in four days and we are certain this success was largely due to Lisa’s skill and hard work. We highly recommend Lisa Kelly to anyone looking for a top notch realtor!

 

~ Joanna Grizzard

Sidney Wyland Lisa Kelly was our realtor that helped us with our move from Utah to Lakeland. She is a very good resource for us in Lakeland and helped us buy our new home. We found Lisa on the internet. She has helped us with all the contacts and scheduling to insure all things here went smoothly. The closing on our home was completed on time which was very important as we had are household goods being delivered from two different states. She also continues to be there for us for any referrals or help we may need here locally. I would highly recommend her to anyone buying a home.

 

~ Rick and Sidney Wyland

Just wanted to thank Lisa for a job well done. I worked with Lisa on 2 of our homes this past year. We sold one in June and another late in the year. Everything went smooth and all details were handled in a very professional manor. Thanks again Lisa; nice working with you. Lee Brown

 

~ Lee and Frankie Brown

We had been looking for a new home for about three months. We changed Realtors and began working with Lisa. She showed us a couple of places. We talked about limits on price and location. We looked again on a couple. We did not care for those. She emailed us about a home that was being restored for a flip. We met her at our current home. We liked the location and made an offer which was accepted. She did a great job getting the seller to accept and a wonderful job from there. The closing took about fifteen minutes. We have been very happy from that day on. Patricia and Bill Crabb

 

~ Bill and Patricia Crabb

We had been looking for a new home for about three months. We changed Realtors and began working with Lisa. She showed us a couple of places. We talked about limits on price and location. We looked again on a couple. We did not care for those. She emailed us about a home that was being restored for a flip. We met her at our current home. We liked the location and made an offer which was accepted. She did a great job getting the seller to accept and a wonderful job from there. The closing took about fifteen minutes. We have been very happy from that day on. Patricia and Bill Crabb

 

~ Bill & Patricia Crabb

Just wanted to thank Lisa for a job well done. I worked with Lisa on 2 of our homes this past year. We sold one in June and another late in the year. Everything went smooth and all details were handled in a very professional manor. Thanks again Lisa; nice working with you. Lee Brown

 

~ Lee & Frankie Brown

01/03/2017 - shunter317 Bought a Single Family home in 2016 for approximately $175K in Lakeland, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: Lisa is an exceptional agent as she knows real estate law and the local market. She communicates and is extremely responsive to her clients questions and needs. She walked us through a complicated contract. We consider Lisa a new friend.

 

~ What Others Had to say

Highly likely to recommend 08/09/2016 - HappyBuyerNEOH Bought a Single Family home in 2016 for approximately $225K in Lakeland, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: I highly recommend Lisa Kelly! She was awesome to work with through the whole process. Her communication and promptness went above and beyond my expectations. Working in the mortgage industry, I see all types of realtors, if you want a genuine, awesome, go getter- she is your girl!

 

~ What Others had to say

Highly likely to recommend 10/27/2014 - jessbparker Bought a Single Family home in 2014 for approximately $75K in Auburndale, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: I cannot say enough about Lisa Kelly. She helped my husband and I buy our first home when we had limited funds and difficult circumstances. She is extremely knowledgeable about homes, market, taxes- anything you could want to know. She is also an excellent advocate for her clients during negotiations, which really came in handy when you're a nervous first-time home buyer.Less

 

~ What others had to say

Highly likely to recommend 02/22/2014 - par167 Bought a home in 2014. Local knowledge: Process expertise: Responsiveness: Negotiation skills: Lisa Kelly is the hardest working woman I know! If you are in the market to buy or sell take it from my personal experience she delivers results!In Polk County or anywhere else for that matter you will be hard pressed to ever get better service. Paul Renner.....

 

~ What others had to say

Highly likely to recommend 02/25/2012 - user027478 Bought and sold a Single Family home in 2011 for approximately $275K in Lakeland, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: Lisa is the most professional realtor I've ever worked with... she's direct, honest, highly-knowledgable, very responsive and a consummate professional. She played fundamentally important roles in helping us to sell our house in a tough market. She's a hard worker and also gave us great advice and we were able to sell after listing for about 30 days. She then helped us find and close on our dream home. Her persistance and negotiating savvy helped us buy a house that was not a very convential listing. If we'd had an average realtor, we'd have been a lot less successful with both our deals. I'd recommend Lisa to anyone who wants to work with a genuine professional. She could write a book on what it takes to be an outstanding service provider.

 

~ What others had to say

02/09/2012 - Alyson7707 Bought a Single Family home in 2009 for approximately $125K in Bartow, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: We absolutely loved our experience with Lisa.. She is incredibly knowledgeable and dedicated to finding the home of your dreams. We couldn't be happier with the home she found us or the time we spent with her--she made the experience exciting and easy. We do not hesitate to recommend her to friends and family and will absolutely work with her in the future. Thanks again Lisa! -Michael & Alyson Elrod

 

~ what others had to say

Highly likely to recommend 02/08/2012 - AimeeWeed Bought a Single Family home in 2010 for approximately $100K in Auburndale, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: Lisa was always quick to respond to my questions. I honestly think that my family and I would not be in this wonderful house without her hard work. She is honest, not afraid to give her opinion in a helpful way, and she is very knowledgeable in all aspects of her job.

 

~ what others had to say

Wonderful wonderful experience. Lisa is what I call a dream maker. I had the dream, and she made it a reality.Lisa's hard work, her quick response, her compassion in knowing I was a single mom purchasing my first house, has earned my loyalty in using her as my realtor for life.

 

~ what others had to say

Highly likely to recommend 03/09/2011 - reedswife11 Bought and sold a Single Family home in 2011 for approximately $75K in Lakeland, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: This woman is amazing, we have run into every road block imaginable and she has negotiated our problems quickly and effectivly everytime. Always available and Always puts her clients first

 

~ what others had to say

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