There's a new house that just hit the market... it's the one you've been waiting for. It's perfect. But, it's also perfect for a few other buyers as well. How can you compete? You know you want the house; you know you are already qualified for it so how do you get the sellers to choose your offer over some else?

Competing in a sellers market can be tough for buyers but we are not quick in the sellers market scramble yet. Yes, things have certainly turned around and we are seeing a much more balanced market then we were just 5 years ago, but it also doesn't mean that prices are inflated past the reasonable market value. Homes are selling at decent rates as long as they are priced correctly. Buyers may find themselves in a competition over well priced homes and it can be nerve-racking to fight for a home only to lose it to another buyer. Here are some things you can do to help raise your chances on being first in line on the offer table. How to compete with other buyers

Offer Full Price.

There are many homes that sell at full price or beyond out there. Just because you are negotiating doesn't mean you MUST offer less than full price, especially on a new listing. If you are serious about buying, approved for the amount and don't want to lose the home, offer full price.

Offer More Than Full Price.

If you are approved for it, you might consider an escalation clause. This is a separate document stating that you are willing to pay more than the highest priced offer by a certain amount. Let's say that the house is priced at $400,000. You can offer full price with an escalation clause stating you are willing to pay $3000 more than the highest priced offer up to $425,000. If someone comes in with an offer of $405,000, it means you automatically will offer $408,000 for the house. Your offer trumps the other, higher offer immediately. 

Minimize Contingencies.

If you really want the house, offer full price and don't make the seller jump through a lot of hoops. Even a full price offer can be rejected if there is too much "red tape" such as selling another home or conducting a neighborhood assessment before you will actually buy the house. Of course, you can waive the inspection as well, which is very attractive to sellers but it's not something that should be done lightly. Waiving an inspection and not knowing all you can about the house before buying could be a big red flag.

Favor the Seller's Terms.

Maybe the seller needs to close on a particular date, maybe they want an appliance or feature in the house to go with them; try and negotiate in favor of the seller for a more favorable offer.

Write a Letter.

At the very least, appeal to their sense of emotion. Perhaps you've looking for months for the perfect house and now you have found it. Tell them! Explain your situation and tell them how much you love the home and would really like to own it. Sometimes, this can pull at the seller's heart stings and allow for a more favorable offer.

Each home is unique so speak to your Portland real estate agent about the right way to offer and negotiate on a home you really love. It can be done but a great agent that mediates between the buyer and seller can also make a world of difference. Our negotiation skills and tactics help you get what you want. Give us a call to find out how.

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About the Author: The above Real Estate information on Competing for a house you love was provided by Marcus Brown, a Nationally recognized leader in his field. Marcus can be reached via the website or by phone at 503-957-1179.

Marcus has helped people move in and out of many Portland Metro towns for Years. Thinking of selling your home? I have a passion for Real Estate and love to share my marketing expertise! I service Real Estate sales in the following Areas: Hilsboro, Beaverton, Portland Metro, Downtown, Pearl District, Tigard, Tualatin, Wilsonville, Gresham, Forest Grove, Lake Oswego and all surrounding communities and neighborhoods.