Putting Your Best Foot Forward in a Multiple Offer Situation

By
Real Estate Agent with Long and Foster REALTORS®, Gainesville, VA VA License # 0225089470

Putting Your Best Foot Forward in a Multiple Offer Situation

I put a Centreville townhouse on the market last Monday that has had my phone ringing off the hook.  Agents are calling to find out how many offers I have and what they can do to make their offer stand out.  Some agents are calling me after submitting their offers wanting to find out how many others I have received since theirs and if there is anything they can do to make theirs better.  It's not as if any of these agents didn't know that they weren't going to be up against other offers.  And I'm not telling any of them what the other offers contain.  It's none of their business.  And most are so short-sighted I honestly think they don't understand that if I was the kind of agent that told them what the other offers were, that means the next agent to call would know exactly what THEIR offer contained. 

Truly, putting your best foot forward in a multiple offer situation isn't rocket science.  It's about finding the terms that would be pleasing to the seller, without feeling you've committed to doing something you can not, or don't want to do as a buyer.

For instance, if you know you are going into a multiple offer situation and write an offer for a certain dollar amount, but would kick yourself if you knew the buyer that landed the home offered $5,000 more than you, why not offer $5,000 more in your offer price?  When it comes to price, buyers really need to find that number that if they lose the house to a higher bid they can honestly say, "I would not have paid that much for that house."

When it comes to other terms that make an offer pleasing to the seller, that's where a conversation with the Listing Agent comes in.  Maybe the sellers need to find their next home.  This means they would need a home of choice contingency that allows them time to house hunt.  If a buyer has flexibility in terms of moving in, their offer is the time to show the sellers that.  Allowing the sellers more time or post settlement occupancy gives them breathing room.   Maybe they would prefer a faster settlement because they are about to settle on their next home.  When you ask the Listing Agent, they'll tell you what other terms their sellers are looking for.

Whether there is one other offer, or twenty on a home, when you are competing with other buyers put your best foot forward.  Buyers that win multiple offer situations are going all in.  They are doing everything they can to be chosen at the moment they write their offer.   There is no second chance when you've been asked for your highest and best offer, so putting the best you can offer down on paper is critical.  Your best shouldn't need tweaking later on.

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate General Information
Location:
Virginia Fairfax County Centreville
Groups:
America's Best Agents
ActiveRain Rockstars
Diary of a Realtor
Bananatude
Bartender, Make it a Double
Tags:
competing in multiple offer situtations
mutiple offers in northern virginia real estate market

Spam prevention
Show All Comments
Rainmaker
631,662
Vern Eaton
Askov, MN
Realtor 651-674-7449

Multiple offers require your best offer.  You get only one chance at the property.  If you are goin gto kick yourselfe if you lose the bid for a few thousand dollars...then you should think twice about the offer you are making.

Mar 27, 2012 06:28 AM #1
Rainmaker
622,621
Morgan Evans
Douglas Elliman Real Estate - Manhattan, NY
LICENSED REAL ESTATE SALESPERSON

We always do our best to manage buyer's expectations especially with hot properties that will have multiple bids on it. If they love it, we encourage them to put their best offer forward.

Mar 27, 2012 06:48 AM #2
Rainmaker
773,682
Kasey & John Boles
Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID
Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

"but would kick yourself if you knew the buyer that landed the home offered $5,000 more than you, why not offer $5,000 more in your offer price?  When it comes to price, buyers really need to find that number that if they lose the house to a higher bid they can honestly say, "I would not have paid that much for that house."


This is great advice.  It is tough to be the agent in a multiple offer situation telling the buyer that you don't know what they should offer. My advice is always this "offer what you would want to offer if you found out that you were not the winning bid and you would not regretting offering something different."  It is tough for a buyer and an agent though - we feel blind not knowing any info about the the other offers (even if you are telling the other offers of our offer too..:-)

Mar 27, 2012 03:10 PM #3
Ambassador
3,092,797
Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA
Vern: Exactly. It's not a difficult concept, is it? Morgan: All we can do is advise and encourage. Hopefully we have clients open to that advice if they really want the house. Kasey: It's not the Price is Right showcase showdown where you can see what the buyers before you offered. It's more like poker. Go all in....whatever all in means for you.
Mar 28, 2012 01:52 AM #4
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Ambassador
3,092,797

Chris Ann Cleland

Associate Broker, Bristow, VA
Email Me For a Free CMA of Your Home's Value
*
*
*
*
Spam prevention