A new home in your price range hits the market, so you rush to see it immediately, well aware others will be doing the same. There's no doubt this is the place you've been looking for, so you make an offer the same day. Unfortunately, so do five other people who also loved it. Facing a host of competitors did not factor into your daydreams of a new home! What can you do?

First things first. Were you prepared for this situation, both financially and intellectually? Choosing the right lender is a key factor in a successful purchase, so you want to make sure you're comfortable with their level of experience and responsiveness. You should not be shopping for homes until you know your buying power and have the preapproval letter to back it up.

Equally important is the Realtor you've chosen to represent you. In a hot seller's market like it is right now, you need to be prepared to act quickly and decisively to beat the competition and make your offer stand out to the sellers. An experienced agent will set you up for success by advising you on strategies, possible scenarios and likely responses, and working to get you to the closing table.

Assuming you've picked the right professionals, there are some ways you can give yourself the best chance of success:

START STRONG. It's a mistake to assume the sellers will automatically give you a chance to negotiate. If your offer is not extremely attractive to them in the first place, they may not even try to counter your offer. This is not the time for bargain shopping; it's the time to present an offer the sellers cannot ignore.

BE ON THE SAME PAGE. I can't stress enough how important it is for all decision makers to be on board, for the home itself and for the price. While you're debating, someone else will step in and take it, so make sure everyone is in agreement and prepared to act quickly.

BE REALISTIC. If you're getting financing, offering to pay way over asking price would be a waste of time if the appraiser says the property is not worth that much. You'll just end up renegotiating the price and if the seller is not willing to come down enough, you'll either have to make up the difference or lose the deal. Be mindful of how much the home is likely to appraise for when making your offer.

BE GENEROUS. Avoid asking the sellers to throw extra items in (like boats, appliances, or furniture) for the price you're offering. Instead, if you really want those things, offer to pay for them in a separate bill of sale, which can be negotiated outside of the main purchase agreement.

LEARN THEIR WISHES. If at all possible, have your agent find out what is most important to the sellers. Do they need a quick closing, or would more time to move their belongings out motivate them? Is price the biggest consideration? Framing your offer to fit their needs will give you a higher chance of success.

DON'T MAKE IT PERSONAL. Even if you feel a strong emotional pull to the home, I caution against writing a letter to the sellers. Although it seems like a good idea, it opens the sellers up to possible charges of discrimination, and many agents will now counsel sellers not to accept them.  Make your offer stand out on its own merits for the strongest possibility of acceptance.

SHORT AND SWEET. Keeping your inspection period, during which time you conduct your inspections and consider any needed repairs, as short as possible will be attractive to the seller. Waiting to have the property surveyed until after you purchase it will also expedite the process, as surveyors are often booked up weeks in advance.

UP THE ANTE. Offering a larger amount of earnest money shows you are serious; buyers with a nominal amount of earnest money don't have as much incentive to follow through with the purchase. Also, consider offering more than the closest competing offer up to a cutoff point you determine. This can be a highly effective tool.

While there are no guarantees, especially when you do not know the terms of the other offers, you can greatly increase the likelihood of yours being the one that is chosen. With adequate preparation, creative thinking, and decisive action, you stand the best chance of success.