In our experience, the highest and best offer price almost always wins. So if you really want a property and you expect there to be multiple bidders, figure out how much you're willing to pay and go in strong.
Besides price, there are a few tactics to make your offer stand out in a competitive situation:
This shows the seller that your priority is to close quickly and get them their money. This is particularly appealing to sellers who are already in contract to buy another home.
Since inspections can take time and often create negotiations over the price, waiving the inspections insures the seller that you are very serious about closing and will take on any inspections or repairs once you are the legal owner of the property.
All cash offers (no mortgage) are very enticing because there is no chance of running into complications with the lender and the deal falling through. Sellers are often hesitant when the loan is contingent on the sale of the buyer's previous home because that could affect the close date.
Sometimes writing an offer letter to the seller letting them know why this is the home for you can sway their opinions, especially if the seller has received multiple offers.
To keep your offer attractive, agents recommend waiving the appraisal contingency by agreeing to pay (in cash) the difference between the contract price and the appraisal value, and even waiving the financial contingency if you’re certain your financing is solid.
Looking to avoid multiple offer situations? Check out our tips for a competitive housing market