How Can You Handle Multiple Offers in Seattle?

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Welcome back, everyone. We often get a lot of questions about the best way to handle multiple offers from buyers and sellers alike. We will start on the buying side, where there are generally multiple things you can do to put yourself in a strong position.

Being fully qualified is one of the biggest hurdles, and will help you get the best terms possible. Cash is king, but if you get a good loan with a good lender, and put down a sizable down payment, you will be in a strong position.

Some homes that you look at will have pre-inspections done already, but it's smart to check with a professional first to decide if you should order another one. If you're going to have one done, you have to keep the time-frame as short as possible: no more than three days. Usually, inspectors can get it done in one or two days.

A solid offer will have anywhere from 3-5% in earnest money down, which is a refundable down payment. This is just to show you're a serious buyer and you haven'y come to play.

As a seller in a multiple offer situation, you have all the power right up until the point you sign the contract, so don't feel pressure to make an immediate decision. When the right buyer comes along, you can drive up the price and negotiate the ideal terms for you. You also want to look at who the buyer's lender is and how much they are putting down.

If you have any questions for us, or are looking to buy or sell here in Seattle, give us a call or send us an email. We would love to hear from you!