Buyer Strategies in a Multiple Offer Market

Once you’ve found the right home it’s time to take the next step and work with your Fort McMurray REALTOR® to write an offer to buy. Many buyers — especially first-time home buyers — don’t realize how common it is in the Fort McMurray real estate market for sellers to be presented with multiple offers. Writing an attractive, clean offer is particularly important when you know yours won’t be the only one on the table.

But what does a clean offer look like? We’ve put together a list of go-to tips for buyers writing offers in competitive real estate markets like Fort McMurray.

Multiple Offer Buyer Strategies

  • Write a clean, concise offer and eliminate as many loose ends as you can. Avoid vague phrases or terms that could be open to interpretation.
  • Be specific and clear. Builders in particular don’t like open-ended offers. Be explicit about what you expect and include details of any additional work you want done. Consider buying as-is and hiring a contractor to do additional things like finishing a basement or adding a garage.
  • Don’t make your offer conditional on someone else viewing the property unless absolutely necessary. Everyone should view or commit to the property before the offer is made if at all possible.
  • Avoid asking for unusual conditions or extras, not in the listing, or negotiate for them after the offer is accepted. In particular, avoid asking for personal furniture items like tables or grandma’s china cabinet that might trigger emotional responses.
  • Be flexible with your closing and possession dates: if you can work with the seller’s preferred dates this makes you a more attractive buyer.
  • Do your homework and keep your condition and timelines as short as possible. Get review date commitments from any third parties before making the offer, including lawyers, inspectors, and relocation companies. Eliminate as many of these conditions as you can: sometimes it’s possible to get a building inspection completed before making an offer.
  • Always get pre-approved for financing and avoid making an offer conditional on mortgage approval or the sale of your current home if at all possible.
  • Offer a larger than normal deposit. A willingness to put more cash on the table upfront gives the seller confidence that you’re a serious buyer.
  • Be ready to negotiate and compromise. Multiple offer scenarios often result in counter-offers, so know how far you’re willing to move before you submit your offer to cut down on time between negotiation steps.