The Triangle real estate market has been picking up during first quarter of 2012. One clear indication is the number of properties for sale that have received multiple offers. That means the sellers have 2 or more offers simultaneously to consider and negotiate.

Buyers need to understand the things that can make their offer stand out to the Sellers:

1) Price: work with your agent to determine what price you should offer. Keep in mind that the seller will note if you ask them to pay any closing costs, home warranty or any type of allowance for decorating or known repairs/updates.

2) Dates:  including the closing date and dates for loan approval and inspection items which in NC is usually considered the due diligence date.

3) Deposits: the amount of the deposits can be relevant in a multiple offer situation so discuss with your agent what strategy to use in determining what amount you will offer for deposits

4) Financing:  how much of a down payment you plan on putting down and whether you have a pre-qualification or pre-approval letter from their lender

5) Complete offer:  all fields filled in with required addenda and no missing paperwork

If you want to have the sellers choose your offer, you have to get noticed and be able to back it up with other strong features in your offer.

Remember that the seller may choose to work with your offer but may not accept it as written. The seller may offer an opportunity for all buyers to submit their highest and best offer before deciding, The seller may choose which offer to work with based on any criteria they choose so it is often not a first come, first served basis.

How About You?  Have you ever been in a multiple offer situation as a buyer?  Please respond below.

Amy Shair, Re/Max United

Award Winning Agent Serving Durham, Cary, Raleigh & Chapel Hill for 20+ Years

"I will give it to you straight - NO FLUFF!"

www.AmyShair.com

(919) 818-5001

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3 Comments on Multiple Offers on a House for Buyers

MAY
10
2012
519,192 Points Outside Blog Called Shot Master

Yes it is necessary to understand that what is asked for as concessions and offered price will all be calucated in the bottom line for the seller.
8:04am • #1
192,409 Points 2 Featured Posts Outside Blog

Thanks Amy, good article in today's environment... reminds me of the days of yesteryear... like 1997-2000.  What a crazy time with multiple offers.  You are so correct in reminding the buyers that if you are serious about making an offer on a property, then you must WANT that property, or why bother.  Make an offer the Seller cannot refuse, and will make sense to the buying market conditions!!

Of course, on the flip side... if you are working with the seller... get the BEST offer in place.  Have the seller give you authority to disclose you have many offers and if someone asks, have the authority to tell them the price!!!  Nothing is worse than the mentallity of "give us your highest and best offer".  If you work for the Seller.. ASK for a better price based on what you have in hand!!
8:07am • #2
229,457 Points 7 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

The banks are always looking at not only price but terms.  Great information you posted here!  Multiple offer situations result in lots of frustration when that email comes in saying "put in your highest and best".
8:11am • #3


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Amy Shair

Amy Shair, Award Winning Agent 20+ Years

Durham, NC

More about me…

Durham NC Referrals - RE/MAX United - Search Durham Homes

Address: 51 Kilmayne Drive Suite 100, Cary, NC, 27511

Office Phone: (919) 469-6539

Cell Phone: (919) 818-5001

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