Special offer

Why U Shouldn't Flex Your Ego With Multiple Offers...

By
Real Estate Agent with RE/MAX Compass 0524642

bidding war

Wouldn't it be nice to command full price for your home? The feeling that everybody want's it! You are the sole envy of every seller north of the equater. Even Donald Trump even want's to know.. "How'd they do that?" We all love our homes. We all think that every upgrade we performed is pristine. Just like our kids are the cutest and most unique kids in their class.

A multiple offer situtation on your home can also be your worst nightmare. Not just for you, but for your listing agent. Often sellers become "offer proud." They think because 2 people want to acquire their property that they are now in a position of unimaginable & incredible strength. A place where the seller can push back and make "high" demands. If a seller isn't careful they and their agent can be left with two things. Jack & that squishy brown stuff dogs leave behind on your front lawn. All of a sudden the music stops. The excitement has now evolved to despair.

In today's world buyers have a little bit of a chip on their shoulder, too. In fact, they've got over 60,000 properties on our MLS. Life for the buyer can and will go on. The seller will be left grumbling and saying things like... "I'm not giving my home away, sorry Charlie, ain't gonna happen!"


Some buyer's prefer to walk away...... {completely} rather than get in a "bidding war." Believe it. You should counter offer your multiple offers carefully. This is where experience, competence and awesomeness comes in. I am the latter. <-- making sure you're paying attention.

 

 

 

 

Posted by
Greg Nino
Realtor
RE/MAX Compass 
Direct & Text 7 days a wk: 832-298-8555 
 
 
Realtor since 2004
Mediator & Arbitrator for the TX Assoc. of Realtors
Member of the Professional Standards Committee for the TX Assoc. of Realtors
Arbitrator for the Comptroller's office for the State of TX for Arbitration of Property Tax Values

 Member of the RE/MAX Hall of Fame & Platinum Club

 

The information contained in this blog is believed to be reliable and while every effort is made to assure that the information is as accurate as possible, the author of this blog, and its comments disclaim any implied warranty or representation about it's accuracy, completeness or appropriateness for any particular purpose. All information is copywritten and the property of Greg Nino.  

Comments(14)

Erv Fleishman
Realty Associates - Boca Raton, FL
Luxury Prop Specialist Realty Associates
Many people would rather walk then get into a bidding war. We recommend that buyers set their highest price prior to submitting any bids. Rather then winging it, we feel that knowing ahead of time how they will handle counter offers works better.
May 11, 2012 12:19 PM
Greg Nino
RE/MAX Compass - Houston, TX
Houston, Texas

Bidding wars are for short sales, hud homes and foreclosures.

May 11, 2012 12:24 PM
Sussie Sutton
David Tracy Real Estate - Houston, TX
David Tracy Real Estate for Buyers & Sellers

It is crazy the way some people act when buying a home with multiple offers. Even the agents can get "stupid". Walk away.

May 11, 2012 12:27 PM
Evelyn Kennedy
Alain Pinel Realtors - Alameda, CA
Alameda, Real Estate, Alameda, CA

Greg:

I know that feeling of power.  It is so nice.  But we do have to be realistic.  If we counter too high, the house may not appraise.  Being sensible and realistic in counters makes for happy buyer and seller.

May 11, 2012 12:28 PM
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Greg --- Greed and the ever expanding ego can get in the way and then s*^<# happens.   Sometimes it may work out and a transaction happens  but if it doesn't it gets pretty ugly and no one wants to see that.  

May 11, 2012 12:55 PM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Multiple offers have to be handled with kid gloves. Treat each one very special and with respect. I have seen several offers on a property where the accepted one fell through. Leave that door open with other agents to come back again.

Margaret

May 11, 2012 02:13 PM
David Shamansky
US Mortgages - David Shamansky - Highlands Ranch, CO
Creative, Aggressive & 560 FICO - OK, Colorado Mtg

Yeah I am dealing with that right now where sellers have my borrowers (currently renting) and thinking they have the upper hand wanting to jack the price up. I am pretty sure he is close to losing his tenant and likely the sale. you are right you simply cant get greedy or push as the outcome is likely a lost customer and lost revenue

May 11, 2012 02:18 PM
Amanda Christiansen
Christiansen Group Realty (260)704-0843 - Fort Wayne, IN
Christiansen Group Realty

Yes indeed...  You are awesome!                                                                                                                                          

May 11, 2012 10:12 PM
Liz and Bill Spear
Transaction Alliance 513.520.5305 www.LizTour.com - Mason, OH
Transaction Alliance Cincinnati & Dayton suburbs

Greg, No doubt multiple offers can get touchy, and some buyers will prefer to take their ball and go home, especially if the home wasn't "all that" for them, but a "just good enough" place instead.

May 11, 2012 11:26 PM
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I've had sellers completely freak out when I said, "annoucing multiple offers may cause EVERYONE to walk".  But I've seen it happen

May 12, 2012 03:57 AM
Steve Loynd
Alpine Lakes Real Estate Inc., - Lincoln, NH
800-926-5653, White Mountains NH

Awesome is as awesome does...I'm a fan at taking offers one at a time, if you breath a word that there are multiple offers to a buyer's agent - they will pull their client out faster than you know what happened. The buyer's agent wants a sure thing and will coach the buyer to move-on many times.

May 12, 2012 04:27 AM
Doug Rogers
RE/MAX Coastal Properties - Destin, FL
Your Real Estate Resource!

We "won" a bidding war last week. Of course had we placed the offer ten days ago we could have gotten the home for 10-12k cheaper. But that wasn't what "papa" thought best.

May 12, 2012 12:16 PM
John Cannata
214-728-0449 http://TexasLoanGuy.com - Frisco, TX
Texas Home Mortgage - Purchase or Refinance

Greg - Its important to always rely on the AWESOMENESS to guide you through these moments.

May 12, 2012 12:37 PM
Loreena and Michael Yeo
3:16 team REALTY ~ Locally-owned Prosper TX Real Estate Co. - Prosper, TX
Real Estate Agents

I'm facing that right now. Nightmare is the easy word. Feeling horrible for these people fighting is bad.

May 13, 2012 06:42 AM