Should Our Buyer Change Their Offer Price ?

By
Real Estate Agent with Keller Williams Group One, Inc.

So we place an offer for one of our clients on a bank owned home. A few days later we get the standard " Multiple Offers Notification" form telling our buyer that the seller has received multiple offers and asking if we would like to make any changes to our offer or leave it the same. So... the buyer asks, what do you think? As the buyers agent we do need to give our best advise but at the end of the day, it's the buyers choice. We are big fans of advising clients to just go in with their best offer up front, and when that form comes in, just leave it the same. Yes they don't want to lose the home over a few thousand but how high do you want to go? After you have looked at the sold comps with your buyer and given your advise, step back and let the client make the final call. Our advise, come in strong and stay firm...   

Comments (3)

Marge Draper
Keller Williams Realty Palo Alto - Menlo Park, CA
REALTOR, Keller Williams Realty, Menlo Park CA

I think that's great advice!  We are beginning to see more multiple offers coming in now and it's always a puzzle what to advise.  There's always another home if they don't get this one.  And it has to appraise!

Jun 02, 2010 12:27 PM
Deborah Byron Leffler BzyBee Real Estate Lady!
Keller Williams Realty Boise - Nampa, ID

Good advice!!   I advise my clients to offer high enough that they won't kick themselves for wishing they had only went up....whatever price.   If they are comfortable based on the other homes we have seen with their price and won't feel bad walking away if they don't get it stay where you are...if you feel like that you should go up a bit then do it.......I will support them either way! 

Jun 02, 2010 12:45 PM
Elyse Berman, PA
Best Connections Realty, Inc. - Boca Raton, FL
Boca Raton FL (561) 716-7824 CRS, ABR, GRI,ePR

We're seeing multiple offers here too.  Most of the bank-owned properties I'm seeing are closing for close to asking, asking or above asking.  We can only advise the buyer.  In the end, it's up to them how badly they want the property. 

Jun 02, 2010 12:47 PM