Even in the days of the novel coronavirus, we are still seeing many situations where there are multiple offers on a home. That’s certainly the case in this resilient northern Virginia market. If you’ve ever been a buyer in this situation, you know it can be confusing and stressful. Even today, it’s wise to assume your offer will not be the only one submitted, especially if it’s a well priced and nicely maintained home.

Does that mean you don’t stand a chance? Absolutely not. If you work closely with your agent and keep these 9 strategies in mind, you’ll put yourself at an advantage over other competing offers and get noticed by the seller.

  1. Price is not always the main priority of the seller. Make sure your agent contacts the listing agent before an offer is written to find out what’s important to the seller. This should be done as a matter of course in any situation.

  2. Make sure you are pre-approved from a good local lender. These days, sellers won’t even consider offers from buyers who are not pre-approved (pre-qualification is a lower hurdle and is not as strong). You will always be up against other buyers who are pre-approved. Don’t know where to start? Your agent is a great source of lender referrals, and this step should be taken at least several weeks before starting to look at homes. That way, when you find the home of your dreams, you’ll be ready to take action and have your offer taken seriously.

  3. Increase the amount of your Earnest Money Deposit (EMD). This shows you are serious and want the home. Sellers know that a buyer is much less likely to walk away from a sale if they put down a significant EMD. The earnest money deposit gets credited back to you, the buyer, at closing, so there is minimal risk in putting down more.

  4. Do not ask for closing cost assistance. Asking the seller to take money out of their pocket is not a tactic to employ in multiple offer situations. The less money out of their pocket the better. To them, it equates to reducing the price of the home.

  5. Consider an escalation clause to mitigate offering too much. That way, you can offer more, but only in increments and only if necessary. Odd-value increments like $1,200 or $1,500 are a good strategy as most people use $1,000 increments. You also have the option to retain the appraisal contingency so if the home does not appraise for what you offered, you have options — including voiding the contract.

  6. Shorten timelines on any contingency. Work with your lender and agent to minimize the time it takes to get financing approval, the appraisal and any inspections — while still protecting you as a buyer.

  7. Be flexible regarding the closing date. If you have flexibility, offer to work around the seller’s preference for a closing timeline. IF that’s important to the seller.

  8. Give the seller money. Yes, you heard it right, offer to pay some of their closing costs (like taxes or settlement fees). It’s a creative way to get your offer to stand out.

  9. “Love letters” to the seller are also an option. Let the seller know how much you love their home and what they have done with it. Make it as personal as possible — a handwritten note is definitely the way to go if there is time. If not, send a PDF of the letter. Try to find commonality or connection with the seller…did something in particular really stand out to you when you walked through the home? Did your agent uncover some relevant information when talking to the listing agent that might put your offer at an advantage? If so, use it. Make sure there are no spelling or grammar errors in your note, and close with gratitude and thanks.