How We Won A competitive Multiple Offer Situation In Bath Maine - A Heartwarming Story
How We Won The House In A Competitive Market
Two loving daughters were on a mission to find the perfect house for their mother. As their real estate agent, I felt the excitement and the weight of this task, knowing that I had to find a home that would make both the mother and her little dog happy.
When we arrived at the antique house in the historical book of records, the mother's eyes lit up. It was love at first sight. The house was beautiful, with a cute layout that was perfect for a single woman with a small dog. We both knew this was the one, but there was a catch. The house was priced aggressively, and I could tell from the number of showings that it would be a highly competitive situation.
The daughters were pre-approved with one of our preferred lenders, but we had to make their offer stand out among multiple bids. So, I decided to call the listing agent, hoping to gather some valuable information that would help our offer shine. The agent was forthcoming, and I quickly realized that our offer would need to start with a "3" and not a "2". We needed to sweeten the deal even more.
I worked closely with the lender to determine the maximum amount the daughters could afford, and then I introduced them to the idea of an escalation clause. This strategy would automatically increase their bid in increments, giving them a better chance of winning the house. I also recommended adding an appraisal gap, ensuring the sellers that the daughters would still pay a certain amount even if the appraisal came in lower than the agreed-upon price.
To make the offer even more personal, I crafted a paragraph describing the mother and her little dog, drawing connections between them and the sellers based on my observations of the house. Although it was up to the listing agent to present this information, I hoped it would help humanize our bid.
In the end, our efforts paid off. The daughters' offer, complete with an escalation clause, an appraisal gap, and a heartfelt description of the mother, stood out among 16 other offers. The daughters were ecstatic to have won the house for their beloved mother, and I was honored to have been a part of this heartwarming journey.
As I reflected on this experience, I began to think about how I could streamline the process of crafting such compelling offers. Perhaps hiring a full-time virtual assistant could help me manage these tasks more efficiently. But for now, I could only smile, knowing that I had played a part in making this family's dream come true.
In this case study, we will discuss how I, as a real estate agent, helped two daughters purchase a house for their mother at 902 High Street in Bath. We faced stiff competition and had to strategize to make our offer stand out among 16 others. This case study will detail our approach to secure the property.
The clients were two daughters buying a house for their mother. We viewed several properties, but when we came across 902 High Street, an antique house in Bath listed on the historical book of records, we knew it was the perfect fit. The house was beautiful and had a cozy layout, ideal for a single woman with a small dog.
The house was listed at an aggressive price of $265,000, and I anticipated it would attract multiple offers. Our challenge was to make our offer stand out in a competitive situation, especially given that the daughters were financing the purchase for their mother.
Communicate with the listing agent: I called the listing agent to express our interest and inquire about the seller's motivations and preferences.
Observe and connect: I noted similarities between the buyer and the seller to establish a connection in the offer.
Escalation clause: I advised the buyers to include an escalation clause in their offer to automatically outbid competing offers up to a specified maximum amount.
Appraisal gap: I recommended including an appraisal gap, indicating the buyer's willingness to pay above the appraised value, up to a certain limit.
Buyer profile: I included a brief description of the buyer, focusing on her intentions and connection to the house without violating fair housing laws.
Our offer, which included an escalation clause, appraisal gap, and a personalized buyer profile, stood out amongst 16 other offers. The listing agent was receptive to our approach, and we successfully won the house for our client.
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