I really dislike multiple offers, as do most people! When Real Estate was going nuts a few years ago, I would be submitting a full price offer for a client on a property they fell in love with, AND so would about 10 other Realtors. Grrrrrrr. NOW, with prices low and listings plentiful, the time has come again. This time, however, the offers are on (mostly) REPO'S!
This weekend a property came on the MLS for $119,900, with lake rights! That is, in my opinion, the DEAL OF THE DECADE. I wasn't the only Realtor that had these lovely thoughts. When I showed up with my clients, there was a row of cars out front and a string of Realtors and their clients waiting to get in the place.
Of course my clients wanted to write an offer. I WANTED to write an offer! But I first had to explain a few things to them regarding MULTIPLE OFFERS. After I ran comps for them, here is what I said:
- The BANK wants the listing on the market for FIVE days before the Realtor is to submit offers--so be prepared as there will be MANY other offers along with yours.
- Just as with any other offer, if you get an acceptance, YOU STILL HAVE CONTINGENCIES that will allow you to "walk" from the deal if you feel you need too. (That was their first concern).
- YOUR OFFER MUST BE CLEAN as possible since you are completing with others who want this home.
CLEAN means (usually): Full price OR more, and CASH, if at all possible. Don't ask the bank for "extras" like Home Warranty Plan, Termite work, etc. You pay for your own termite inspection and any work called out. CLEAN IS CLEAN, period! (I know, many will squawk that I didn't mention loans, but in our area, we do get a lot of cash offers). If you're getting a loan, be pre-qualified, letter in hand! - YOUR OFFER WILL GO TO THE BANK with the other offers and the bank will dissect each one and the offers that look the "best" will generally get a Counter Offer stating to "GIVE US YOUR BEST OFFER." Another words, ANTI UP! You usually get one shot, make it GOOD if you want this home.
These MULTIPLE OFFERS are going to be here for a while, so we might as well be ready to ride it out...and TELL our clients to hang on, as THIS ISN'T GOING TO BE A CAKE-WALK....
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For your Lake Arrowhead Real Estate needs, CALL: KAT DELONG, REALTOR.
YOUR #1 ACTIVERAINER IN SAN BERNARDINO COUNTY AND THE SAN BERNARDINO MOUNTAINS.
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