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offer strong or not:
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43 Comments on 15 Offers... I Say So What
DeeDee, someone has to come out on top, no matter how many offers are put in. If you don't play, you can't win the game, right?
I keep telling buyers that in this market, in some case (not all) if they low ball and another offer (or 14) come through, their low ball is going to make the others look even better. If they don't want to seriously write up a valid offer, what's the point!?!
Wow, haven't had many of these so am excited! Thanks everyone for your comments and responses!!!
John- highest doesn't always win in our area but best ..... absolutely! Thanks for suggesting me!!!
Cheryl - you are so right about that!
Will - If buyers are strong they should never be afraid to try!
Fred - They are falling through here often on financing as well and that's why I think cash is preferred. It's suprising how many with cash are out there!
Jill - I had buyers ready to give up because they were one of 15.
Judi - I agree that cash wins most of the times as long as it is reasonable.
Richard - a lot of that happening here as well. This 15 was on a house my very strong buyers were shying away from. My pitch to them sparked the blog idea.
Kelley - I agree. The listing with the 15 offers my buyers were shying away from was priced high to begin with so what I got from the listig agent was that many were under list. Agents really have to look at the comps to get a sense of the market value.
Mike - Exactly my point!
Paul - If the buyer is not strong it might not make sense but for a strong buyer, don't be shy in my mind.
Jayne - I'm doing the same! Thanks so much.
Anna - Exactly!
Chuck - I'm with you on that. Even in the lowest times, did they really work?
Rich - Exactly, no matter how many, if the buyer is strong submit their best.
Randy - I love that!
John - Selling agents definitely need to do their comps and submit offers based on that at minimum. If the buyer is only looking for a deal then maybe the 14 other offers do matter as it will probably not be their highest and best!
Shannon - I agree!
Cheryl - You're right about that too! You never know. Seems like buyer letters are coming back into fashion with all the multiple offers. An agent here had an offer from the buyer, where there was a picture of the kids holding a sign that said, "pick us".
Kevin - On homes priced well and in the bottom end especially, it is definitely the norm here in El Dorado Hills.
Erica - I think so too!
Athina - Agreed, terms matter too!
Tammie - I don't necessarily like my offer to be the first in. If asked the agent here in CA can technically tell the selling agent unless there is a confidentiality clause of some kind. Most of the time though, the listing agent will let me know if the offers are full price or over.
Kwee - Thanks so much! Cash is king, but if not you better your terms will be crucial!
Eric - Absolutely! Can't win if you don't play!
Carla - I agree. Thanks so much!
I agree with Karla and I raise the point with my buyers.. One replied -- nothting ventured, nothing gained.. .and guess what.. nothing was gained. The offer was rejected. SURPRISE!
Yes, the market is changing! Cash is no longer king and I encourage buyers to hang in there and see what happens. They have just as good a chance of getting the home as anyone else. After watching where two homes closed that buyers balked at and realizing that they would most likely have gotten them with their original offer I now enccourage them to play through.
DeeDee
As we hear more about bidding wars your points become even more relevant. Multiple offers, if they are frivolous, don't mean to much. And there are lots of issues that can make an offer a stand-out, or one you want to REALLY want to counter. If money is the primary objective a cash offer may NOT be the best offer, even with the risk of the appraisal process. But clearly a low ball offer is not going to be favorable in the markets I am dealing with now, as I suspect is true in many others.
Buyers need to be working with an agent who can guide them through the process effectively and strategically.
Jeff
Unfortunately, our market is not strong enough (yet) for multiple offers to be much of an issue, but I like this list to show buyers how to prepare to buy a home... what makes them a strong buyer. A buyer should enter any deal from as strong of a vantage point as possible.
Gretchen
DeeDee,
Great information about the relative strength of different types of offers. Even with only one offer, a seller and their agent must judge the strength of the offer. With more than one offer the seller can contrast type of offer as well as amount of offer in arriving at a conclusion about what path to take.
Most of the offers today are bidding against other offers. The strongest will be the winner in most cases if everyone is playing fair.
There are lots of considerations when you are in a multiple offer situation. You can't just think about price. You have to make sure the rest of the terms is what it the seller is looking for.
Dee Dee I agree, if you are offer 16 you have an advantage knowing you come in with your highest and best eliminating contingincies and your offer certainly can be stronger than those who were "trying out a lowball offer" just to see....It is common for my to receive double dogit offers on my new listings within days of it hitting the market, the one thing that is consistant is how many bad offers come in with no thought given there is other offers they need to beat out.
DeeDee Y0u just hit the ball out of the park. There are many variables - nuyers need a professional like you to sort through them and give them sound advice
Well said, Dee Dee. We just had a three offer sale, and ironically, the middle offer won the day, and it was in the little details not the price.
Great post. Price and terms. All cash and close ASAP with no contingencies are favorable offers to Manhattan NY sellers.
DeeDee, what if the buyer's offer came with a GUARANTEE from the mortgage company to the seller, that if the buyer verified and maintained their application information and the lender did not close the loan, that the mortgage company would pay a defined sum of money to the seller. How much would that strenghten the buyer's offer?
DeeDee - Wow, I wish I was in that scenerio here in VA. Although, it kind of makes me wonder what's going on on the sellers side for there to be that many contracts... Sounds like the seller and agent could of listed slightly higher to not have the overwhelming amount of contracts coming in (??) But like you said, cash is always KING! Best of luck in the bidding war :)
DeeDee, did not see your post about these offers....I still think all you need is ONE good one!
Hi Dee Dee
There is definately a rank order of what is a strong offer or not.
My favorite lately is - It is a low offer, but it is all cash.
My response - at closing, every offer is all cash to the seller!
Phil
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