Multiple Offers - How Do I make sure my offer is accepted?
The market is picking up for the time being.. Another Pacific Palisades new listing has come to market, priced particularly well and seems to be going in multiple offers. The fact that we have multiple offers at all coupled with the fact that we have an opportunity in this market to go much higher than listing price is proof positive that buyers are out there and ready to buy. Further evidence of this positive buyer sentiment is the fact that in the past month we have seen multiple offers on Via De La Paz, Donaire, Monument, Mount Holyoke, Livorno, Palmera and Hartzell.
So how do we navigate now that we are dealing with multiples once again? It seems that nothing can assist the agent and buyer as much as good thorough communication with the listing agent and the seller. Find out what the seller wants as well as what the seller's agent wants. Give them what they want. Be creative, where you cannot accomodate them, do your absolute best creative work to attempt to offer them the same outcome that they described to you as wanting. Keep your contingencies short - sellers want to be sure about you and your offer. Keep your close of escrow short if that accomodates the sellers needs. Offer the highest price that you can stomach and offer a high percentage of cash vs. loan. Present to the agent in person if they will allow that. If none of those ideas work, offer to release funds into escrow after contingency removal.
Do what it is that you need to do to make your offer stand apart from the rest in terms of it being exactly what the seller is looking to achieve. These are just a few ideas that we employ when in multiples. There are many more strategies that we employ for many different types of situations. With home prices substantially lower than the past few years, with rates lower than they have been in 40 years and with a significantly greater number of homes on the market to chose from, the time appears to be now to consider buying. Go in to win if you are in multiples!
Elizabeth and Jim
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