The Pull and Push of Multi-offer Home Buying Situations
A brisk real estate market may bring, with it, unrealistic expectations for those entering into a multi-offer scenario. The atmosphere pulls at the emotions, the frenzy often pushes the property up and beyond market value.
An aggressive strategy for homebuyers:
- Quick closing time-lines
- Less contract contingencies
- Increasing the earnest money amount
Success often depends on buying power in this situation. Highest and best tests the emotions and creates a sense of loss for those who fail to outbid everyone else, not an ideal conclusion for most.
Before a client considers a multi-offer situation, is pertinent to explain expectations and possible conclusion so buyers are able to make an informed decision whether to remain steadfast or move on.
Potential buyers must be completely vested from the start to avoid the cold feet or buyer's remorse syndrome further into the process. I always ask for a sincere commitment before writing the offer.
Highest and best often gains the prize in these multiple offer scenarios for those who are willing to perform, a positive outcome with smiles all around is the conclusion. Buyers need to be willing to move forward fast by pulling no stops and pushing forward!
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Buying or selling a home in southern Utah? Call me at 435.632.9374 or contact me at wanda@buynsellutah.com to help because Wanda Can!
A portion of every successful real estate transaction goes to Bed 'n' Biscuits to help fund Switchpoint, a local homeless shelter.
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