I’ve gotten a few questions lately from some clients I’ve worked with in multiple offer situations regarding their deposit, so today I want to talk about how this can influence your offer in the eyes of sellers.
If you’re a buyer involved in a multiple offer situation, one thing that can make the attraction between you and the seller greater is increasing the deposit that you place with your offer. A typical offer on a home comes with a deposit of 3%, but if you’re competing with and bidding against someone else, it’s better to increase your deposit to 5% or even 10%.
Another thing you can do is write a letter to the seller about how wonderful their house is and how you can see you and your family in that house.
In today’s market, it’s very important to put your best foot forward when you’re involved in a multiple offer situation. Increasing your deposit from the standard 3% or 5% to 10% will make you stand out from the competition and give you a better opportunity to get the house you want.
If you have any other questions about this topic, give me a call or send me an email. I look forward to talking to you soon!