Lauren Bunting Associate Broker

Beat other buyers in multiple bid situations

Thursday, November 19, 2020, Lauren Bunting

In a strong real estate market with lower inventory, we are experiencing numerous multiple offer situations, especially on the lower price point category of homes that first-time homebuyers would be seeking.

So how can a first-time homebuyer strengthen their chances of beating out other buyers?

This is one of the hardest, but pre-planning and saving is one of the best ways to be a strong buyer in a seller's market.

This might mean years of preparation to get to save 20 percent for a down payment. But even if you can improve your down-payment situation, let's say from 3.5 percent down and using FHA, to a 5 percent down conventional loan, this can help improve your chances with a seller who is comparing buyers offers and looking at the financing closely.

The reason conventional buyers many times win out in multiple bid situations over a USDA/no-money down loan or an FHA 3.5 percent down loan is due to the additional layers of scrutiny for both USDA and FHA that can sometimes cause problems during transactions.

Another important concept to keep in mind is that buying a home in real life isn't like buying a home on HGTV. Rarely do you go see three homes and find the perfect home, and even if you did, in this type of tight inventory market, buyers sometimes have to try on numerous homes before winning the bidding war. And, it can be discouraging when you've placed offers on two or three, or especially six or seven homes (no joke, it's happening).

So, learning from each experience and figuring out where your offer came up short in the bidding war can help you ultimately win.

Buyers may not like the answers they get when asking who won the bid process and how, because in many cases it means taking away normal buyer protections, such as removing contingencies.

A buyer who needs to get a mortgage usually can't compete with a cash buyer willing to pay the same price. However, there are ways to increase your odds making other contractual changes; for example, a financing buyer up against another financing buyer can include changes such as As-Is inspections (which allows for the right to inspect or As-Is with no-inspections).

Go Back

Thank you so much for all of your hard work. We are so excited to move into the perfect house for us, and couldn’t have done it without your guidance.

Megan and Brandon Cater

My friend was right, you are the hardest working realtor, bar none. I honestly don’t think that I would have gotten through this house selling process without you. You certainly have done yeomen du...

Brenda Burbage

Lauren made first time homebuying extremely approachable, and took the time to educate me on everything involved in the process.

Amanda Hanke & Keri Swigert

Thank you for all of your hard work and dedication that made this purchase possible. You advocate for your clients and I highly regard you for it. You made it possible for me and my family to achie...

Tom Harutyunyan

Thank you so much for the very wonderful, professional job you did with selling our property. You will always be special to me.

Penny Carley

Lauren’s extensive knowledge of the local real estate market proved to be invaluable during the purchase of our first home. We were beyond impressed by her persistence, dedication and how easy she ...

Allison Shockley & Patrick Molloy

We want to say a sincere “Thank You” for all you've done for us! We know at times the road seemed never ending. Thank you for always staying positive even through our ups and downs of this process....

Mike and Patty Locke

Lauren is very easy to work with. She has helped me sell and buy homes in the area and has always been hard working and professional.

Jennifer K. Leggour

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  • Atlantic Shores Sotheby's International Realty
  • Lauren Bunting Associate Broker
  • 7510 Coastal Highway | Ocean City, MD 21842
  • Office Phone: 410-524-0919
  • Cell: 410-422-9899
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