The real estate market in Chicago is very competitive right now. Lack of inventory has created a challenging environment for today's buyers who often are finding themselves in a multiple offer situation. Whether you are just getting started in your search, or have missed out on a couple of properties due to multiple offers here's our best tips to help position you for success.
- Work with a real estate agent who understands the market and can provide expert guidance in establishing the value of the property and help you put together an offer that stands out to the seller.
- Make a strong offer upfront. Make your best and highest offer from the beginning, especially in a multiple offer scenario. Avoid coming in low as a negotiation strategy, as it could backfire and have the seller completely disregard your offer.
- Come in with a Clean Offer. Remove as many contingencies as possible. If you are financing, offer more of a down payment. Avoid asking for seller closing credits, unless you add that amount to your offer.
- Be Flexible with the Seller's Needs. Ask your agent to find out the terms the seller is looking for and try to meet those needs with your offer. It may be the key to winning the bid!
FYI - Highest offer is not always the winner.
Whether you are buying your first home or an "old pro", we are always here to help! Give us a call!