Even with interest rates on the rise, buyers still need homes. While the rising rates may mean lowering buyers’ budgets, the Tulsa real estate market continues to strongly favor the seller. Consequently, if you want to buy a home in the Tulsa area this year, you may find yourself in a multiple-offer situation. It is not unusual to see several buyers vying for a single property, especially if it is priced well. Here are a few tips that might help you create a winning offer on your next home.
How to Compete Against Multiple Offers
The Seller Controls the Narrative
As I said, the seller sits in the cat-bird seat. They are in the enviable position of having several options to choose from. Therefore, they determine which offers receive their attention and which ones get rejected. Sometimes, they may come back and ask for all buyers to resubmit their best and final offers by a specific deadline. However, that is not always the case.
Put Your Best Foot Forward
Since you may not get a second chance to make a better submission in a multiple offer situation, I highly suggest that you present your strongest offer right off the bat. For example, definitely include a pre-approval letter. Most sellers will not even look at an offer if it does not include one. Also, keep contingencies to a minimum. Even if you love the patio furniture and the old piano but hate the carpet or paint colors, never include these additions/changes as part of the sales contract. Talk to your agent about which contingencies to include and which ones should be waived before you submit your offer. Additionally, keep the seller’s timeframe in mind. If they want a short escrow, keep the terms short. If they need more time, oblige them. Sometimes, an escalation clause or lease-back option helps catapult you to the top of the offer list. Again, your agent can help you find out that information.
Standing Out in a Multiple Offer Crowd
Finally, your last chance to stand out when dealing with multiple buyers is to include a personal letter with your offer. Do not focus on what you want to change about the home. Instead, talk about what you love about it. Your agent may be able to find out more about the seller to help you craft it specifically for them.
Lori Cain, REALTOR®, Serving Midtown and the greater Tulsa, OK area. Call 918-852-5036.
[…] Well, when you work with a Tulsa REALTOR®, they have access to the MLS at any time. Unlike public search sites like Zillow and Trulia, agent access provides special information that only real estate professionals can see. This includes special instructions about showings, entry to the property, and even offer submission info. A good agent may use this knowledge to help you craft a winning offer. […]