March 4, 2024 • 8 mins
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EPISODE DESCRIPTION
In this episode, Brandon shares tips and tricks on how you can navigate multiple offers scenarios, and make sure you are the one who wins the house.
What was discussed: → Preparation and contingency plans. → Having your home ready to sell. → And how connecting with the listing agent for an "offer assist" can make you stand out.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:07):
Entrepreneur. Brandon Love here.
I'm going to jump into a solo
episode today and just drawattention to something I've
noticed that's coming back to themarket, and that is multiple
offers.
So before you get worried about
them and feel like you're missingthe boat, I'm just going to share
a couple of tips and tricks todayon how you can navigate multiple
offer scenarios and make sure youare the one who wins the house.
(00:30):
Kicking things off, it starts withpreparation, as do most endeavors
in life.
You want to make sure that you
have everything prepared on yourside.
That means having a properpre-approval done, not a
pre-qualification.
So have those documents submitted,
have a budget done, no down to thepenny what you're comfortable
with.
Because in a multiple offer
scenario, what happens is someonemight offer five grand more.
(00:52):
Next person comes in 10 grandmore.
What's the line in the sand thatyou're comfortable with?
Don't get all caught up in thetransaction and put yourself in a
position that actually gives you alot of anxiety going forward.
This is going to be a home you'regoing to live in or invest in and
you want to feel good about thatscenario going forward, not that
you put yourself in a bad positionbecause you got caught up in the
(01:13):
emotions of multiple offers.
Another key part here is make sure
you have a realtor partner on yourside who has navigated the
scenario before, knows how tohandle it, and is there to kind of
calm things down, draw back focus,and make sure that you're getting
the best deal.
Things can get out of hand quickly
when it comes to multiple offers.
And that's when like during the
pandemic, we had a lot of this andyou saw people spend like
(01:35):
$200,000, $250,000 over.
And then when the market kind of
corrected a bit, those people arenow holding the bag with this
property they can't sell.
And they're in a position where
they're in negative equity.
We don't want this to happen to
you.
You're our invested entrepreneur
community.
We want you to be growing towards
financial freedom.
Having a property in negative
equity does not set you up forsuccess there.
Okay.
(01:55):
Point number two also is on
preparation.
If you're selling your home, have
it ready to be sold.
It blows my mind when people say,
I found the dream property, butthey don't have their property
prepped and ready to go.
So your realtor will give you a
few tips and tricks on what youcan do to improve your home,
usually just some painting, littlethings like that, touch up the
curb appeal.
And then anything major, a lot of
(02:16):
the times you're not going to takeon that project at this point.
If you have to do any cosmeticrepairs though, take a couple of
weeks, get those done and then beready so that when you find that
property, if you have to put asale of purchaser's property
condition in, your home is atleast ready and rolling to go.
So your realtor can just go stickthe sign in the ground, list it on
MLS, get this photos done, maybe alittle bit of staging, but it's
(02:38):
not these massive projects andtime that's holding things up on
your side of things.
Let your team do the work, trust
your realtor, and you want to beable to just hand this property
off to them and let them do theirjob.
If thing I see a lot of people getinto a scenario with is they find
the dream home, it gets intomultiple offers, they realize they
need more money than they arepre-approved for.
They say, okay, we need to havethat emergency plan.
I'm going to reach out to myparent, my aunt, my uncle, and
(03:02):
say, hey, worst comes to worst,can you cover me with this
additional amount of funds?And they're scrambling and they're
anxious and all these feelingsboil to the surface.
And sometimes those people sayyes, sometimes those people say
no, and it can create this sort oftension and discomfort there.
It's better to have thoseconversations in advance.
So line up the contingency plan ofif we encounter this, do we have
someone who can step up and helpus out for the short term?
(03:23):
Who is that person?What are they comfortable with?
And then that goes back to pointnumber one, put that in your plan
so that you know your line in thesand that you cannot cross and
you're going forward knowing,okay, here's what I'm comfortable
with.
Worst case scenario, I do have
this backup plan and I can drawoff that if I need to.
That gives you such a clearmindset going in.
It allows your realtor to knowwhere they can take you.
(03:44):
Also, which properties might betoo far past that point.
So you're not getting super ampedup on something that they know is
price low, is going to get 14offers kind of thing.
And it's just kind of more of amarketing thing.
And it sets you up for success forthat offer process.
It also gives you a competitiveedge when you're competing with
someone else and you really wantto win it to know, hey, I've got
(04:05):
this little ace in my pocket thatI can pull off and throw on the
table and win this deal.
Last part here is something that
Tom and I offer our clients andour realtor partners.
And we're pretty unique in doingthis, but it's something you could
ask your mortgage broker to dodepending on the market you're in
and what they're comfortable with.
So for example, if you come to us
as a client, process-wise, you'regoing to have a discovery call,
(04:26):
you're going to complete theapplication, we're going to gather
all the respective documents, sendyou back a budget that shows you
down to the penny what you'reapproved for, and then any
properties you're looking at,either you or your realtor is
sending us the MLS, and we'reupdating that budget, sending it
back to you, so you have a verycrystal clear picture of what you
can In afford.
saying we have that, a very
crystal clear picture of what youcan afford.
(04:48):
In saying that, we also have areally clear picture of what you
can afford, what your budget is,and any flaws in your files.
Maybe it's like recent employment,you're on probation with an
employer, or you've had somecredit blips in the back.
We're aware of some of these redflags that lenders are going to
draw attention to, and we'vemitigated the risk on our side.
Knowing all of this gives usconfidence, and that's very
important because the next phaseis the winning ticket.
And that's what we call offerassist.
(05:08):
So here's what we do with offerassist.
You find the dream home, you'reover the moon, you want to write
your offer, but you realize it'sin competing offers.
So how do we stand out?And this offer assist is something
we came up with during thepandemic because this was
happening over and over.
Clients would go put offers in.
They'd get beat out by someone whoremoved all conditions.
They'd get beat out by someone whoput $200,000 more.
(05:30):
They'd get beat out by someonewho's a cash buyer, whatever it
was.
There were so many scenarios they
were losing.
And we said, how can we stand out
from the pack here?And what we came up with was a
little bit of a strategy that justdrew attention to how strong our
clients were and how strong ourprocess was.
So here's what we do.
It's really simple.
We record a quick video ofourselves talking and we say, hey,
it's Brandon Love from MortgageWith Love.
(05:52):
I'm working with John Smith.
His file is rock solid.
He's super stoked about this houseand really looks forward to being
the next owner of it.
The only thing standing in our way
right now is you and your clientsaccepting our offer.
So I just wanted to share that thefile's very solid.
We have several lenders lined upwho would be more than happy to
fund this file.
Credit picture's great.
We have full documents and we'reready to rock and roll.
(06:12):
If there's any concerns on yourside, feel free to reach out to me
directly and we can chat aboutthings from there.
If not, I look forward to workingwith you and helping John achieve
this dream of owning your home.
When a realtor receives that video
or video similar to that and theyshare it with their client, it
gives such a sense of confidence.
So if I'm sitting there as the
client and I'm looking at offernumber one, offer number two,
(06:34):
offer number three, one might have$5000 more, 2,000 more, 10,000
more, but one might have afinancing condition.
One might have condition X. Onecomes with this video that says
the file is solid.
The broker is confident enough to
actually include this.
It gives me this feeling of
confidence and peace.
And I'm saying, you know what?
I'm going to pick that personbecause I want my house to
actually close.
I've got another offer going in on
somewhere else and I need to havethe confidence and peace of mind
(06:57):
knowing that this transaction isactually going through.
So many people have read newsarticles right now and been jilted
by sellers walking away at thetime of closing.
We see it almost every day nowwhere someone walks away at the
time of closing and one of ourclients is like, what do we do?
And we have strategies for that aswell.
But put yourself in the mindset ofthat person receiving the offer,
(07:19):
receiving the offer video.
It gives them such a great sense
of confidence and it will help youwin the deal.
So these other points are going tobe great for you if you're in a
competing offer situation.
Really, the foundation of
everything here is starting with areally great team who can help you
navigate and then being preparedfor things going forward.
Once you're prepared, that givesconfidence in the whole team and
the strategy going forward, and wecan go through and win the deal
(07:40):
for you.
So if you're in a competing offer
scenario and you don't have thisconfidence in your team, let us
know.
We're happy to help you out.
If not, please join us next weekfor another Mortgage Monday and
tune in on Fridays for FreedomFriday, where we share both our
own personal stories and haveguests on who have achieved
financial independence or are onthe journey to achieving that.
Have an awesome day.
Cheers.
Entrepreneur. Brandon Love here.
I'm going to jump into a solo
episode today and just drawattention to something I've
noticed that's coming back to themarket, and that is multiple
offers.
So before you get worried about
them and feel like you're missingthe boat, I'm just going to share
a couple of tips and tricks todayon how you can navigate multiple
offer scenarios and make sure youare the one who wins the house.
(00:30):
Kicking things off, it starts withpreparation, as do most endeavors
in life.
You want to make sure that you
have everything prepared on yourside.
That means having a properpre-approval done, not a
pre-qualification.
So have those documents submitted,
have a budget done, no down to thepenny what you're comfortable
with.
Because in a multiple offer
scenario, what happens is someonemight offer five grand more.
(00:52):
Next person comes in 10 grandmore.
What's the line in the sand thatyou're comfortable with?
Don't get all caught up in thetransaction and put yourself in a
position that actually gives you alot of anxiety going forward.
This is going to be a home you'regoing to live in or invest in and
you want to feel good about thatscenario going forward, not that
you put yourself in a bad positionbecause you got caught up in the
(01:13):
emotions of multiple offers.
Another key part here is make sure
you have a realtor partner on yourside who has navigated the
scenario before, knows how tohandle it, and is there to kind of
calm things down, draw back focus,and make sure that you're getting
the best deal.
Things can get out of hand quickly
when it comes to multiple offers.
And that's when like during the
pandemic, we had a lot of this andyou saw people spend like
(01:35):
$200,000, $250,000 over.
And then when the market kind of
corrected a bit, those people arenow holding the bag with this
property they can't sell.
And they're in a position where
they're in negative equity.
We don't want this to happen to
you.
You're our invested entrepreneur
community.
We want you to be growing towards
financial freedom.
Having a property in negative
equity does not set you up forsuccess there.
Okay.
(01:55):
Point number two also is on
preparation.
If you're selling your home, have
it ready to be sold.
It blows my mind when people say,
I found the dream property, butthey don't have their property
prepped and ready to go.
So your realtor will give you a
few tips and tricks on what youcan do to improve your home,
usually just some painting, littlethings like that, touch up the
curb appeal.
And then anything major, a lot of
(02:16):
the times you're not going to takeon that project at this point.
If you have to do any cosmeticrepairs though, take a couple of
weeks, get those done and then beready so that when you find that
property, if you have to put asale of purchaser's property
condition in, your home is atleast ready and rolling to go.
So your realtor can just go stickthe sign in the ground, list it on
MLS, get this photos done, maybe alittle bit of staging, but it's
(02:38):
not these massive projects andtime that's holding things up on
your side of things.
Let your team do the work, trust
your realtor, and you want to beable to just hand this property
off to them and let them do theirjob.
If thing I see a lot of people getinto a scenario with is they find
the dream home, it gets intomultiple offers, they realize they
need more money than they arepre-approved for.
They say, okay, we need to havethat emergency plan.
I'm going to reach out to myparent, my aunt, my uncle, and
(03:02):
say, hey, worst comes to worst,can you cover me with this
additional amount of funds?And they're scrambling and they're
anxious and all these feelingsboil to the surface.
And sometimes those people sayyes, sometimes those people say
no, and it can create this sort oftension and discomfort there.
It's better to have thoseconversations in advance.
So line up the contingency plan ofif we encounter this, do we have
someone who can step up and helpus out for the short term?
(03:23):
Who is that person?What are they comfortable with?
And then that goes back to pointnumber one, put that in your plan
so that you know your line in thesand that you cannot cross and
you're going forward knowing,okay, here's what I'm comfortable
with.
Worst case scenario, I do have
this backup plan and I can drawoff that if I need to.
That gives you such a clearmindset going in.
It allows your realtor to knowwhere they can take you.
(03:44):
Also, which properties might betoo far past that point.
So you're not getting super ampedup on something that they know is
price low, is going to get 14offers kind of thing.
And it's just kind of more of amarketing thing.
And it sets you up for success forthat offer process.
It also gives you a competitiveedge when you're competing with
someone else and you really wantto win it to know, hey, I've got
(04:05):
this little ace in my pocket thatI can pull off and throw on the
table and win this deal.
Last part here is something that
Tom and I offer our clients andour realtor partners.
And we're pretty unique in doingthis, but it's something you could
ask your mortgage broker to dodepending on the market you're in
and what they're comfortable with.
So for example, if you come to us
as a client, process-wise, you'regoing to have a discovery call,
(04:26):
you're going to complete theapplication, we're going to gather
all the respective documents, sendyou back a budget that shows you
down to the penny what you'reapproved for, and then any
properties you're looking at,either you or your realtor is
sending us the MLS, and we'reupdating that budget, sending it
back to you, so you have a verycrystal clear picture of what you
can In afford.
saying we have that, a very
crystal clear picture of what youcan afford.
(04:48):
In saying that, we also have areally clear picture of what you
can afford, what your budget is,and any flaws in your files.
Maybe it's like recent employment,you're on probation with an
employer, or you've had somecredit blips in the back.
We're aware of some of these redflags that lenders are going to
draw attention to, and we'vemitigated the risk on our side.
Knowing all of this gives usconfidence, and that's very
important because the next phaseis the winning ticket.
And that's what we call offerassist.
(05:08):
So here's what we do with offerassist.
You find the dream home, you'reover the moon, you want to write
your offer, but you realize it'sin competing offers.
So how do we stand out?And this offer assist is something
we came up with during thepandemic because this was
happening over and over.
Clients would go put offers in.
They'd get beat out by someone whoremoved all conditions.
They'd get beat out by someone whoput $200,000 more.
(05:30):
They'd get beat out by someonewho's a cash buyer, whatever it
was.
There were so many scenarios they
were losing.
And we said, how can we stand out
from the pack here?And what we came up with was a
little bit of a strategy that justdrew attention to how strong our
clients were and how strong ourprocess was.
So here's what we do.
It's really simple.
We record a quick video ofourselves talking and we say, hey,
it's Brandon Love from MortgageWith Love.
(05:52):
I'm working with John Smith.
His file is rock solid.
He's super stoked about this houseand really looks forward to being
the next owner of it.
The only thing standing in our way
right now is you and your clientsaccepting our offer.
So I just wanted to share that thefile's very solid.
We have several lenders lined upwho would be more than happy to
fund this file.
Credit picture's great.
We have full documents and we'reready to rock and roll.
(06:12):
If there's any concerns on yourside, feel free to reach out to me
directly and we can chat aboutthings from there.
If not, I look forward to workingwith you and helping John achieve
this dream of owning your home.
When a realtor receives that video
or video similar to that and theyshare it with their client, it
gives such a sense of confidence.
So if I'm sitting there as the
client and I'm looking at offernumber one, offer number two,
(06:34):
offer number three, one might have$5000 more, 2,000 more, 10,000
more, but one might have afinancing condition.
One might have condition X. Onecomes with this video that says
the file is solid.
The broker is confident enough to
actually include this.
It gives me this feeling of
confidence and peace.
And I'm saying, you know what?
I'm going to pick that personbecause I want my house to
actually close.
I've got another offer going in on
somewhere else and I need to havethe confidence and peace of mind
(06:57):
knowing that this transaction isactually going through.
So many people have read newsarticles right now and been jilted
by sellers walking away at thetime of closing.
We see it almost every day nowwhere someone walks away at the
time of closing and one of ourclients is like, what do we do?
And we have strategies for that aswell.
But put yourself in the mindset ofthat person receiving the offer,
(07:19):
receiving the offer video.
It gives them such a great sense
of confidence and it will help youwin the deal.
So these other points are going tobe great for you if you're in a
competing offer situation.
Really, the foundation of
everything here is starting with areally great team who can help you
navigate and then being preparedfor things going forward.
Once you're prepared, that givesconfidence in the whole team and
the strategy going forward, and wecan go through and win the deal
(07:40):
for you.
So if you're in a competing offer
scenario and you don't have thisconfidence in your team, let us
know.
We're happy to help you out.
If not, please join us next weekfor another Mortgage Monday and
tune in on Fridays for FreedomFriday, where we share both our
own personal stories and haveguests on who have achieved
financial independence or are onthe journey to achieving that.
Have an awesome day.
Cheers.
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