A few months ago, I had a buyer who submitted an offer on a property. There were multiple offers and we were told to submit "best and final". After some thinking, the buyer increased his offer a little. He won. He was excited, per se, but he was also disappointed. His reaction, "I knew I offered too much!"
What?
And I've also had a buyer (actually, many buyers) who was told for her "best and final" and in the end did not get the house because other offers were higher. She was also disappointed.
In both scnenarios, the buyers were disappointed...
I always tell my buyers that if they're going to spend the emotional efforts to write an offer on a house they like, they need to "bid to win". I really hate when buyers say, "Well, if they won't take my offer, I'll find another house." Does that mean you didn't actually like that house enough to buy it? If you didn't like the house, why are you submitting an offer on it? Don't have better things to do?
When you submit an offer, yes, it's ok to feel that you don't want to pay "full price". However, you need to go into your decision with facts. If the average homes in the neighborhood are selling at 98% of asking price in under 30 days, offering 10% below their asking price the first week on the market is probably not the smartest way to "win". Many times, because of the fast-selling Austin market, paying full price is the only way to secure the house. Sometimes, as long as the comparable sales support it, you might want to offer over the asking price to undercut other buyers, keeping in mind that the appraisal contingency will help ensure you don't overpay for the house.
Basically, real estate is a game and you're only successful when you win. Do you play to win or play to lose? If you are ok with losing, you're never going to buy a house. You need to structure your offer to help ensure you don't come in second place! I also tell my buyers that if they put their best foot forward and are still upset they lost out to another buyer, they didn't truly put their best foot forward. If you truly put your best foot forward on your offer, and you lose to someone else, you should be ok with your decision. You can't predict what is going to happen, but as long as you're ok with your decision, it was your decision to make. You can't blame the agent. You can't blame the other buyer(s). You can't blame the seller. You have no one else to blame except yourself if you don't win in a multiple offer situation.
FYI, winning in a multiple offer situation is also not just about the price, it's about the terms. You need to work with an experienced Realtor who can help you structure the terms in a favorable way to help ensure your offer is received well by the seller. Call me today to help you secure your next house!!
**Are You Packed Yet?**
Donna Harris, REALTOR®
RE/MAX Austin Skyline
www.DonnaHomes.com
Donna@DonnaHomes.com
austin-texas-homes-for-sale.com
Austin TX Real Estate
and the surrounding areas of Lakeway, Bee Cave, West Lake Hills, Cedar Park, Round Rock, Spicewood, Circle-C, Steiner Ranch, and everywhere in between... Hill Country Austin TX Real Estate and beyond. Whether you're buying or selling an Austin home, I'll be with you every step of the way.
For real time Austin TX listings,click here.
** Multi-Million Dollar Producer Year after Year **
Copyright© 2013 By Donna Harris, All Rights Reserved. You may re-blog with links back to this post.
*Real Estate is a Game where you're Only Successful if you WIN* was first published on donnahomesblog.com.
Comments(35)