What can I do to stand out from the other offers?

In Buyers, FAQ's by Doug Phelps

For nearly a decade, the Denver metro real estate market has been a wild ride of record-setting activity. This year with COVID-19, this is even more true. We are here to help you prepare for what’s ahead.

Since March, home is probably something you have spent a lot of time in and thinking about. Maybe your dreaming of more space. Perhaps the thoughts are about downsizing. Or life has simply shifted priorities.

Maybe you are thinking about selling or buying.

If you are, it’s rather impossible to completely predict what is next in the next few months of 2020. Or even 2021 and beyond. This much we know — for years sellers have been in charge thanks to extremely low inventories of available homes. This forced buyers to compete against multiple offers at almost every price point.

As you think about what your future holds, what questions should you be asking? This blog series will explore several questions from both the seller and buyer points of view.

Buyer Question:

At least three other people want the house I love. What can I do to stand out from the other offers?

Answer from Doug:

Multiple offer scenarios happen often. First and most importantly, be preapproved with at least one lender. You have to know what you qualify for in a loan program, can afford, and how much you want to pay in a monthly housing cost. Don’t guess at this. Without this preapproval (or at least a pre-qualification), a seller won’t take your offer seriously.

Price isn’t the only factor in an offer. Terms, closing timeframes, inclusions and exclusions, and other factors can make a difference and get your offer to the top. A winning offer is attractive in multiple ways.