This may be one of those secrets that goes along with our mysterious handshake, but I’m going to spill a great strategy when you’re the buyer and in a multiple offer situation.

First, remember you’re not at an auction or on eBay. Talk to your agent in advance and determine the fair market price and a top dollar amount of what you’re willing to pay for a home. Do not get personally involved in a bidding war and end up buying it for more than you intended.

Okay, so now you have your price in mind - and the maximum amount you’ll bid? Write your offer and then under the “Special Stipulations” section of the contract add the following:

Purchase price shall be $1,000 more than highest offer, not to exceed X amount. Seller shall provide proof of highest offer.

Of course, you can word this however you’d like but it should certainly get the attention of the seller. And if you’re concerned about the seller disclosing the price of the other high offer, no fears there either. According to an attorney who was in our office earlier this week, the price of the other offer can be disclosed with permission from the seller.

The down side is you may not get the home if the highest amount exceeds what you as the buyer are willing to pony up. But if not, then you may just be 30 to 45 days until closing with an accepted offer through this strategy!

Remember … less than two months until November 30th - the deadline to buy and still get that juicy first-time home buyer tax credit!

Posted by:Kathy Tyson

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