We all know how challenging the market can be right now for buyers. Multiple offers, while not the “norm” in most areas, are becoming more prevalent as the inventory shrinks.
Frustrated buyers put time limits in offers to coax sellers to respond in a timely manner. Those time limit constraints are often ignored by sellers. A bit of greed sets in when you get five offers on a listing in just two days. Heck, if I got five offers in two days, why don’t I just leave it on the market for a few more days and see what happens?
Be careful selecting the offer to work with though. It happens far too often that the highest priced offer has difficulty appraising for the offer price. Yes, some buyers may be willing to make up the difference, but many won’t. In those cases, we are always guided by what’s in the contract, and that may mean a price reduction.
Buyers frequently ask me the question when a seller doesn’t respond by the date required in the offer...”what should we do?” Technically, you don’t have to do anything because your offer expired. You may want to wait though, since they still haven’t made a selection.
This strategy only works for a while before the buyers feel like they’re getting played by the owner and listing agent. If that happens, many buyers will never return to that house.
Real estate isn’t a never ending story. Buyers are patient...to a degree. Sellers need to be careful that they don’t lose the best offer...waiting for just one more to come in.
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